Hunt: We cannot borrow forever
Following the release of the latest borrowing figures, Chancellor Jeremy Hunt said:
These numbers reflect the inevitable consequences of borrowing eye-watering sums to help families and businesses through a pandemic and Putin's energy crisis.
We were right to do so because we have managed to keep unemployment at a near-record low and provided the average family more than £3,000 in cost of living support this year and last.
We stepped up to support the British economy in the face of two global shocks, but we cannot borrow forever.
We now have a clear plan to get debt falling which will reduce the financial pressure we pass onto our children and grandchildren.
Annual Government borrowing figure fourth highest on record
Government borrowing reached £139.2bn in the year to March, the fourth highest since records began and £18.1bn more than the previous year, according to official figures.
The Office for National Statistics (ONS) said the public sector borrowed £21.5bn last month, £16.3 billion higher than a year ago and the second-highest March borrowing on record due to the soaring cost of energy support schemes.
However, the annual figure was £13.2bn lower than the Office for Budget Responsibility (OBR) forecast last month, despite the Government forking out £41.2bn in the past six months to support households and businesses with energy costs.
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Government borrowing was at its second-highest level for March since records began in 1993 as the Chancellor's energy support bill racked up.
Puiblic sector borrowing stood at £21.5bn in March, which was £16.3bn more than in the same month a year ago.
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What happened overnight
Stocks fell broadly and the US dollar also weakened, reflecting investors' uncertainty in a busy week for corporate earnings and economic data.
MSCI's broadest index of Asia-Pacific shares outside Japan was down 1.2pc. Markets in Australia and New Zealand are shut for a holiday.
Wall Street stocks were mixed at the end of a choppy session Monday, ahead of high profile quarterly earnings and closely watched economic data in the coming days.
The Dow Jones Industrial Average finished 0.2pc higher at 33,875.40. The broad-based S&P 500 added 0.1pc at 4,137.04, while the tech-rich Nasdaq Composite Index dipped 0.3pc to 12,037.20.
The yield of the benchmark 10-year Treasury dipped to 3.5034pc, down from 3.572pc late on Friday.