ALBAWABA – The United Kingdom’s Office for National Statistics, on Wednesday, announced UK debt has exceeded 100 percent of the country’s gross domestic product (GDP) for the first time since 1961.
Public sector borrowing in May was higher than expected, the office said.
Public sector net debt, excluding that of state-controlled banks, hit GBP2.567 trillion ($3.28 trillion), equivalent to 100.1% of GDP.
During the COVID-19 pandemic, debt was temporarily recorded as passing the 100% barrier, but it was later revised lower, Reuters reported.
Government borrowing soared in November 2020 on emergency action to support the economy, taking public sector net debt to £2.1 trillion ($2.67 trillion), According to Agence France-Presse (AFP).
The ONS statement said government borrowing in May stood at GBP20.045 billion ($25.51 trillion).
The UK’s economy is struggling with high inflation and declining competitiveness. Britain missed investment opportunities worth billions since 2005.
