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UK bumps up mammoth bond sales drive to 275b pounds

Published : Wednesday, 1 July, 2020 at 12:00 AM  Count : 61

LONDON, June 29: Britain plans to sell a record 275 billion pounds ($340 billion) of government debt between April and August to pay for its huge spending response to the coronavirus pandemic, more than double its borrowing in the whole previous financial year.
The updated figure from the Debt Management Office on Monday represented a 50 billion-pound increase from its previous estimate for the April-to-July period.
Britain's government has ramped up its bond issuance to pay for a surge in borrowing caused by a collapse in economic output during the coronavirus lockdown.    -Reuters

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