The state of the UK's public finances worsened in June as the total debt owed escalated to £800 Billion. Borrowing has nearly doubled over the last twelve months.
The Office of National Statistics confirmed that public sector borrowing was £13Billion for last month. This was lower than expectations but still a record for the month of June.
Total borrowing since the start of the year totals £41 billion.
Many forecasters believe that the Chancellor’s full year estimate for public sector borrowing of £175 Billion will be exceeded.
However, it’s not all doom and gloom. Individuals have the opportunity to review their finances and could possibly start to make steps to reduce their personal debt.
If you would like to speak to us in more depth please feel free to contact us.