Government's £800bn overdraft is worst ever as company tax revenues plunge

Daily Mail
"Today's figure brings total net borrowing to £49.7 billion in the four months of the current financial year, compared with £15.9 billion last year.The nation's overall debt, at £800.8 billion, now accounts for 56.8% of gross domestic product (GDP), its highest since the measure started in 1974.And the public sector budget deficit, of £5.1 billion, was the first negative figure for July on record.Chancellor Alistair Darling has indicated net borrowing over the year as a whole will reach £175 billion as recession hits tax revenues, while spending on unemployment benefit soars."