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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.

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