In July 2013, the HM Government had to borrow money to meet the difference between tax revenues and public sector expenditure. The term for this is The PSNCR: The Public Sector Net Cash Requirement.

There were 3 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office (http://www.dmo.gov.uk/) to raise cash for HM Treasury:-

11-Jul-2013 3¼% Treasury Gilt 2044, £2,575.0150 Million

09-Jul-2013 0 1/8% Index-linked Treasury Gilt 2029, £1,487.1650 Million

02-Jul-2013 2¼% Treasury Gilt 2023, £3,849.7770 Million

When you add the cash raised:-

∑(£2,575.0150 Million + £1,487.1650 Million + £3,849.7770 Million) = £7,911.96 Million

£7,911.96 Million = £7.911960 Billion

On another way of looking at it, is in the 31 days in July, HM Government borrowed:-

£255 million each day for 31 days. We are fortunate, the global banking and financial markets still has the confidence in HM Government to buy the Gilts. The budget deficit keeps rising. What is also alarming, is the dates these bond mature, 2044, 2029 & 2023. All long term borrowings, we are mortgaging our futures.