The UK Budget Deficit Approaches Record Levels 0 10

The figure increased by £2.2 billion compared to February of last year and was significantly higher than the £8.5 billion expected by analysts.

This is the second largest February budget deficit on record, with the previous record set during the pandemic in 2021.

Since the beginning of the current financial year, that is from April to February, the budget deficit has reached £125.9 billion - £11.9 billion less than in the same period of the previous financial year.

The total amount of the UK government debt (excluding borrowing by state banks) at the end of last year was about 93.1% of the country's GDP. The debt-to-GDP ratio remains near record levels not seen since the early 1960s.