The dire state of the UK’s public finance has been hammered home today, as new ONS figures show the UK’s debt to GDP ratio surpassing 100% of GDP for the first time in 57 years. A £55.2 billion borrowing surge in May – roughly nine times more than was borrowed in May 2019 – is the highest figure in any month on record. Total borrowing for the financial year is running at £87 billion more than last year…

There are glimmers of light at the end of the tunnel however. Retail is beginning to bounce back, with sales rising by 12%, with 33.4% of total sales being made online – the highest proportion ever. Fuel sales have increased 49% on April’s plummet, suggesting an increase in those commuting or taking up the government’s permission of being able to travel further afield for exercise.

The UK is only one month away from hitting a debt of £2 trillion…