Record Borrowing from UK in the First 8 Months of the Fiscal Year

Record Borrowing from UK in the First 8 Months of the Fiscal Year Record borrowing from the UK in the first 8 months of the fiscal year. The British government borrowed 240.9 billion pounds in the first 8 months of the fiscal year. In the UK, which is facing the risk of re-recession due to the economic downturn due to the coronavirus epidemic, the government broke a record and borrowed 240.9 billion pounds ($ 323 billion) in the first 8 months of the fiscal year. According to the data released by the National Statistics Office, the expenditures made in November, due to the support for companies and households during the epidemic period, were recorded above 31.6 billion pounds of tax revenues. This situation caused the country to face the biggest budget deficit in the period of peace. Other figures shared in the UK showed that the economy recovered strongly in the third quarter. The economy was above the estimates with 16 percent during this period. Expectations were for the growth to be 15.5. With the new restrictions introduced to prevent the coronavirus epidemic and travel restrictions of some European countries to the UK, economy of the country is expected to shrink in the last quarter of the year. Some analysts think that the contraction will continue in the first quarter of 2021.