UK keeps borrowing

The 1-minute read to get all the money news plus expert adviser views.

Government debt

February was another record-breaking month for borrowing, as costly pandemic support measures continued. The government borrowed £19.1 billion last month, the highest for February since records began in the 90s. The public sector is spending a lot and has less coming in from income tax, business rates, VAT and fuel duty.

Less than forecast?

Total borrowing for the year is likely to undershoot official estimates. The government deficit (the gap between public income and spending) was officially forecast to hit £350 billion. But unless there’s a major surge in March, we’re likely to come in well below that.

NatWest buys itself back

The government has sold a £1.1 billion chunk of NatWest back to the bank. Taxpayers still own 59.8% of the state-backed bank though, after it was rescued during the financial crisis. The bank, which used to be called RBS, tends to buy back a tranche of its own shares every few years.

Hey, sports fans

Keen to get back into a stadium? Remember to pack your vaccine passport. Culture minister Oliver Dowden has said certification of Covid status and vaccine history could help facilitate the return of sports events, and let big crowds into stadiums again.