UK Debt Passes 100% of GDP for First Time Since 1963

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…

mdi-tag-outline Data Guido Economy ONS
mdi-timer June 19 2020 @ 08:38 mdi-share-variant mdi-twitter mdi-facebook mdi-whatsapp mdi-telegram mdi-linkedin mdi-email mdi-printer
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