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Thursday, June 23, 2016

British Debt Spirals To New Heights

George Osborne's shame as Britain's debt tops £1.6TRILLION amid borrowing spiral

THE Chancellor has been left red-faced after Britain's debt surged to £1.606 TRILLION last month, as the Government continues to borrow billions more than expected, figures revealed today.

Despite pledging to get Britain's finances back on track, George Osborne continues to oversee state spending outpace income by billions of pounds, according to estimates from the Office for National Statics (ONS).

The Government borrowed a staggering £17.9billion in the two months since the start of the financial year in April - even more than the same time period last year. 

It meant Britain's gigantic debt as a share of the economy edged up again in May to 83.7 per cent, with the state now owing an extra £49.6 billion compared to May 2015. 

The jump in this year's borrowing also puts the Chancellor firmly on track to spectacularly blow his election promises.