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UK debt hits record of £799bn

Total Government debt has risen to a record £799 billion or 56.6% of UK GDP.

The Government borrowed £13 billion in June which is less than the £15,5bn analysts expected. The Government took £32bn less in tax over the past year, the biggest fall since the 1920s.

Alistair Darling, Chancellor of the Exchequer, has said new borrowing will reach £175bn this financial year.

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