"Initial estimates for February 2023 show that the public sector spent more than it received in taxes and other income, requiring it to borrow £16.7 billion. This was £9.7 billion more than that borrowed in February 2022 and the highest February borrowing since monthly records began in 1993," the bureau's statement stated.
Furthermore, according to the ONS data, in February 2023, the public sector borrowings are 15 billion pounds higher than in pre-coronavirus February 2020.
Statistical report also indicates substantial grow in subsidiary and grant government expenses. The increase compared with a year earlier is around 9.3 billion pounds, the bulk of it being caused by energy support schemes.
In September 2022, then-UK Prime Minister Liz Truss announced freezing average energy bills at 2,500 pounds in order to support households and businesses struggling under rising energy prices.
After the Ukrainian conflict outbreak in February 2022, the United States, the United Kingdom and Europe have bolstered sanction pressure on Russia. The logistics disturbance led to food and fuel prices grow in Europe and the United States. In the United Kingdom living cost increase hit millions of households.