Government borrowing soared to a peacetime record during the pandemic

Public sector net borrowing as % of GDP

30

World War One

World War Two

25

20

14.8%

15

Financial crisis

10

5

0

-5

1900-01

24-25

48-49

72-73

96-97

20-21

Public sector net borrowing as % of GDP

30

World War One

World War Two

25

20

14.8%

15

Financial crisis

10

5

0

-5

1900-01

12-13

24-25

36-37

48-49

60-61

72-73

84-85

96-97

08-09

20-21