Borrowing shoots up to a record high

My Account
Logout

Create an Evening Standard Account

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Welcome! Sign in here

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Forgot your password ?

Registration

* indicates fields that are mandatory

Email *

Password *

Confirm Password *

First name *

Surname *

Postcode *

Country *

Mobile phone number

Username *

Gender *

Year of birth *

When you sign up...

You will have access to all our online competitions, discounted offers and can post comments on our site.

You will also receive The Weekender newsletter sent every Thursday - it’s full of fantastic offers and ideas for the weekend. You can update your email preferences in your account page when you log in.

Other newsletters and emails

Homes & Property Newsletter - Yes I want to receive the weekly email with all the latest news on property in the capital

Occasionally we would also like to send you relevant emails detailing specific offers either from ourselves or carefully selected partners. If you would prefer not to receive these then please tick the appropriate boxes below. We will never pass on your details.

I do not want to receive additional offers and information from the Evening Standard

I do not want to receive additional offers and information sent by Evening Standard on behalf of carefully selected partners

Terms and Conditions

* I have read, understood and agree to be bound by the terms and conditions of Evening Standard

Registration

Mail Sent for Registration Confirmation.

A confirmation email has been sent. Please activate your account by clicking on the activation link sent in your mail box.

The Treasury borrowed £8.5 billion last month, a record for any April and more than four times the £1.8 billion it borrowed in the same month last year, Office for National Statistics figures showed.

That sent Government debt up to £754 billion, or 53.2% of gross domestic product, well above the 42.9% this time last year and the 40% limit set by Gordon Brown when he was Chancellor.

Alistair Darling last month announced plans to borrow a record £175 billion this year to cover the shortfall between spending and tax receipts.

The recession has sharply reduced Government tax receipts, especially from the corporate sector and bonus payments in the financial sector.

Meanwhile, the Government is having to pay out more in benefits.

The tax take in April of £38.8 billion was down nearly 10% on last year while spending was up more than 5% to £48.8 billion.