UK Owes a Record £153bn

Gordon Brown’s economic credibility lay in tatters last night after Britain’s borrowing surged to an all-time high of £152.8billion.

The UK slumped another £23.5billion into the red in March, driving the country’s public-sector net debt to a record 62 per cent of gross domestic product.

The massive black hole in public finances now stands at a record £107.6billion for the financial year – more than double last year’s £49.7billion – after the deficit widened another £14.8billion last month.