Rolling coverage of the latest economic and financial news, as UK borrowing hits a new record high and car production almost halvesUK borrowed 35.9bn in August - a record for the month Borrowing since April has hit 173.7bn - another recordCar factory output tumbled 44% last month 8.41am BST Looking back at todays car production figures....and Augusts 44% slump means UK car production is down over 40% so far this year. The news [that production fell 44% last month] comes as the UK braces for a second wave of coronavirus, with local lockdowns in place across parts of the country and tighter social and business restrictions to curb the rate of transmission.Consequently, assistance for sectors such as automotive, where many firms cannot operate at full speed, is now critical and the Job Support Scheme, as well as the other financial measures announced yesterday, come as welcome news. 8.24am BST Interestingly, the ONS has lowered down its estimate for UK borrowing in July, by over 11bn, to 15.4bn.Thats a remarkably large revision, and shows just how difficult it is to track the UK economy through the pandemic.British public borrowing rose to 35.920bn in August, a record high for the month though below its peaks earlier in the financial year, as the government dealt with the economic damage from the coronavirus pandemic.Julys public borrowing figure was revised down by more than 11bn. But borrowing for the first five months of the financial year still rose further to its highest on record at 173.7bn, overtaking the annual total at the peak of the financial crisis. Continue reading...
