By Marcus Leach
The Office for National Statistics released data today (Tuesday) that shows government borrowing fell by £2.2 billion in December to £13.7 billion.
With net debt, excluding the temporary effects of financial interventions, at £1003.9 billion, equivalent to 64.2 per cent of GDP, it is the first time net debt has gone above £1 trillion.
"That our national debt has reached more than one trillion pounds simply shows the unsustainable level of spending this country built up over the past few years, and shows why it is critical for our nation's future that we deal decisively with the deficit," a Treasury spokesperson said.
"Today's figures show that we are making good progress, with borrowing over £11bn lower than in the same period last year."
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