UK Government borrowing reached £23 billion in one month!
The national debt reached £2.08 trillion by October 2020, up £276.3bn since the start of the financial year.
Monthly borrowing, required because the treasury is spending more than it earns in taxes due to the recession, reached over £40bn in April and close to that again in May of this year following the first lockdown. Borrowing is on target to exceed £300bn for the year since the start of the coronavirus crisis.
The UK economy bounced back in the third quarter, but will falter again due to the current second lockdown which is killing businesses and jobs. Two more high street clothing chains went into administration this week putting thousands more jobs at risk.
UK debt exceeds the size of the UK economy, with debt having reached 100.8% of the country's gross domestic product (GDP).
Debt levels of this magnitude have not been seen since the early 1960s while paying off the debts of World War Two.
Whilst the government always repays debt on due dates, it has to borrow new money - and take on more debt - to do so, like people do when living on credit cards or “robbing Peter to pay Paul”.
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· You can create a second income during the lockdown…and come out stronger
· Learn how to make money from property without deposits, mortgages or cash
Millions of people face a bleak future post-Coronavirus lockdown, as businesses disappear and the job furlough scheme eventually comes to an end. However, life doesn’t have to end because of lockdown! You can join thousands of ordinary people who have increased their income and added streams of new income during this period.
Are you ready to adapt to the new economic model?
As lockdown restrictions around the world are being eased, the economic model has subtly changed forever. How will you adapt to this new way of working and running a business, what obstacles and opportunities lies ahead? Will you be a participant or spectator in this revolution?
By Charles Kelly, Wealth Mentor, Property Investor, Author of Yes, Money Can Buy You Happiness and creator of Money Tips Podcast.
There are more examples and practical steps to getting rich and being happy in my book, Yes, money can buy happiness, I cover the 3 R’s of Money Management, the Money B.E.L.I.E.F System and much more. Check it out on Amazon http://bit.ly/2MoneyBook.
If you’d like further information on wealth mentoring and coaching, how to survive the crisis and even quit the rat race, email me at [email protected] or send me a message through Facebook or my Money Tips Daily community. See more articles at www.moneytipsdaily.com
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