The UK’s public debt reached 16.700 million pounds ($20.422 million) in February 2023 due to subsidies for energy supply programs for the population, a record high in 30 years of monitoring, the Office for National Statistics reported Tuesday. ).
The February 2023 forecast shows the public sector spent more than it took in taxes and other revenue, forcing it to borrow £16.7 billion. That’s $9.7 billion above the February 2022 level, the highest February borrowing rate since monthly observations began in 1993, the ONS said.
The high level of indebtedness is mainly due to large expenditures in financial support programs for the population in the midst of the energy crisis, according to the National Statistics Office.
Last year, the UK government announced a freeze on energy bills of £2,500 (about $3,507) a year and provided financial support to citizens and businesses to help them pay their energy bills.
Since the start of the Russian special military operation in Ukraine in February 2022, the West has stepped up sanctions pressure on Russia. The disruption of logistics chains has caused an increase in fuel and food prices in Europe and the United States, and the rise in prices has had a negative impact on the financial situation of millions of British families.
Source: Sputnik
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