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UK public sector borrowing declined year-on-year in July but remained firmly above pre-virus levels, figures on Friday showed.
According to the Office for National Statistics, UK public sector net borrowing, excluding public sector banks, amounted to £4.94 billion in July. The figure was down from £5.73 billion a year earlier and £20.86 billion in June.
However, July's figure was up sharply from a surplus of £900 million three years earlier, so before the onset of Covid-19, the ONS said. Public sector borrowing levels spiked during the pandemic.
Public sector net debt, excluding public sector banks and the Bank of England, came in at £2.070 trillion, around 82.8% of gross domestic product. Debt is up £94.8 billion from a year earlier, but the percentage to GDP ratio is down from 84.5%.
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