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The Office for National Statistics released public sector net borrowing for the U.K. on Tuesday. The public sector net borrowing in the U.K. rose to £11.31 billion in August from £0.07 billion in July. July's figure was revised up from -£2.07 billion. Analysts had expected an increase to £8.65 billion.
Public sector net borrowing excluding public sector banks totalled £12.1 billion in August, up by £1.4 billion from last year. It was the highest level for August since 2012.
Total debt was £1,506 billion in August, up £68.9 billion from last year. It was equal to 80.6% of GDP.
The increase in debt was driven by a decline in income tax paid.
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