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| UK government borrowing at £90bn | UK government borrowing at £90bn |
| (10 minutes later) | |
| The recession and financial crisis pushed UK government borrowing to a record £90bn in the last financial year, official figures have shown. | The recession and financial crisis pushed UK government borrowing to a record £90bn in the last financial year, official figures have shown. |
| This is higher than the £78bn the chancellor forecast in November and £55bn higher than the previous year. | This is higher than the £78bn the chancellor forecast in November and £55bn higher than the previous year. |
| The figure took the total net debt to £743.6bn, the equivalent of more than half of the UK's GDP, the Office for National Statistics said. | The figure took the total net debt to £743.6bn, the equivalent of more than half of the UK's GDP, the Office for National Statistics said. |
| Falling tax revenues and higher social security spending have hit finances. | Falling tax revenues and higher social security spending have hit finances. |
| Borrowing in March was also a record £19.1bn, the highest level for a single month since records began in 1993. | Borrowing in March was also a record £19.1bn, the highest level for a single month since records began in 1993. |
| The figures are bad, the BBC's chief economics editor Hugh Pym said. | |
| But the Chancellor is expected to announce a borrowing figure perhaps as much as double the £90bn total for next year, underlining the scale of the problems facing the UK's public finances, he said. | |
| According to the ONS, the net debt figure - the stock of all government borrowing - includes the cost of financial sector bail-outs, which amounted to £134.5bn in the year to March. | |
| The rescue of Northern Rock and Bradford & Bingley accounted to the bulk of that - £123bn - the ONS said. | |
| Compensating savers, including those with Dunfermline Building Society, cost a further £9bn. |