Government borrowing hits record £16.7bn due to soaring energy costs
The government‘s borrowing has hit a record high of £16.7 billion due to energy bill support costs.
According to the latest report by the Office for National Statistics (ONS), the government borrowing reached a record high of £16.7 billion in February, with around £9.3 billion in energy support schemes contributing to the increase, bringing the total cost of energy support to around £34 billion since October 2021.
The ONS has said this has been the highest February borrowing since monthly records began in 1993, largely because of substantial spending on energy support schemes.
Network with hundreds of businesses and public sector organisations taking bigger steps to net zero. Book your FREE ticket to the Big Zero Show 2023 now.
If you enjoyed this story you can sign up to our weekly email for Energy Live News – and if you’re interested in hearing more about the journey to net zero by 2050, you can also sign up to the future Net Zero newsletter.