The latest figures released by the ONS have revealed the inevitable: the UK’s debt at the end of July hit £2.004 trillion for the first time – £227.6 billion higher than the same point last year. And the first time since 1960 debt has reached 100% of GDP…

The only crumb of comfort from this morning’s grim figures is the actual borrowing figure of £26.7 billion was £3 billion less than the month before. And for those still holding out for a V-shaped recovery, retail sales are back to pre-Covid levels…