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UK public sector borrowing fell year-on-year in August but remained above pre-pandemic levels, figures from the Office of National Statistics showed on Wednesday.
Public sector net borrowing, excluding public sector banks, was £11.8 billion in August. This was down £2.6 billion from the previous year.
However, August's borrowing remained £6.5 billion more than in August 2019, pre-pandemic. Public sector borrowing levels spiked during the pandemic due to support programmes.
Further, the £11.8 billion in borrowing was £5.8 billion more than the £6.0 billion forecast by the Office for Budget Responsibility.
Public sector net debt, excluding public sector banks, was £2.427 trillion at the end of August. This represent a £195.2 billion increase against the previous year.
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