UK national debt hits £2tn for first time as Covid-19 costs mount – business live


Rolling coverage of the latest economic and financial news, as the Covid-19 pandemic drives UK government debt to record highs

7.12am BST

Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.

Britain’s national debt has hit two trillion pounds for the first time, as the cost of fighting the Covid-19 pandemic continues to mount.

The coronavirus (COVID-19) pandemic continues to have a significant impact on the UK public sector finances.

These effects arise from both the introduction of public health measures and from new government policies to support businesses and individuals

Public sector net debt excluding public sector banks was £2,004.0 billion at the end of July 2020, up £227.6 billion on July 2019.

This is the first time it has exceeded £2 trillion pounds

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