THERE was more grim news on the state of public finances today after borrowing soared by £16.1bn during August.

The rise takes net borrowing to £65.3bn for the five months of the financial year so far, according to the Office for National Statistics (ONS) – more than double the £26.1bn seen at the same stage last year.

August’s borrowing is slightly lower than the £18bn forecast by most experts, but still represents the highest ever for the month, and the third biggest monthly borrowing total since ONS records began.
 

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