UK Chancellor Rishi Sunak on Friday warned of some “difficult decisions” ahead as official statistics revealed that Britain’s public debt had risen above 2 trillion pounds for the first time, largely down to the extra burden on the economy as a result of the coronavirus lockdown.
Sunak, who has been leading the country’s economic response to the crisis with a series of measures such as job retention and loan schemes, said the figures from the Office for National Statistics (ONS) are a “stark reminder” that public finances need to be reined in.
“Today’s figures are a stark reminder that we must return our public finances to a sustainable footing over time, which will require taking difficult decisions,” said the Indian-origin finance minister.
“It is also why we are taking action now to support the growth and jobs which pay for our public services, by helping businesses to reopen safely and, through our plan for jobs – protecting, supporting and creating jobs – to ensure that nobody is left without hope,” he said.The government borrowing figure at the end of July stood at 227.6 billion pounds higher than the same month last year, according to the ONS data.