Economic news

UK Net Debt Passes 100% of GDP for First Time since 1961

LONDON, June 21 (Reuters) - Britain's public sector net debt surpassed 100% of gross domestic product in May as borrowing came in higher than expected, the Office for National Statistics said on Wednesday.

Public sector net debt, excluding that of state-controlled banks, hit 2.567 trillion pounds ($3.28 trillion), equivalent to 100.1% of gross domestic product.

That represented the first time that debt stood above 100% of GDP since 1961 although it was temporarily recorded as passing that threshold during the COVID-19 pandemic before being revised lower.

The ONS said government borrowing in May stood at 20.045 billion pounds. A Reuters poll of economists had pointed to public sector net borrowing, excluding state-owned banks, of 19.5 billion pounds.

($1 = 0.7819 pounds)

Reporting by William Schomberg; editing by David Milliken

Source: Reuters


To leave a comment you must or Join us


More news


Back to economic news list

By visiting our website and services, you agree to the conditions of use of cookies. Learn more
I agree