The UK's public sector debt has hit 100% of the value of the country's annual economic output for the first time since the 1960s, according to official figures released ahead of the chancellor's maiden budget.

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Reuters

United Kingdom

UK debt hits 100% of GDP, adding to Rachel Reeves' headache

Higher spending on public services and benefits led to a rise in government borrowing, figures show.

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Government borrowing in August highest since Covid

British government debt hit 100% of economic output for the first time in recent history and there was another large budget deficit last month, adding to the problems for finance minister Rachel Reeves as she readies her tax and spending plans.

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Public sector borrowing hit its third highest August on record as the amount of cash the Government had to borrow to balance its books surged, official figures show

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England

Government borrowing jumps in August to 100% of GDP, highest level since 1960s

Public debt as a share of the economy has hit 100pc for the first time since the 1960s, in a psychologically important moment that underscores the challenge facing the Chancellor ahead of her October 30 fiscal statement.

The Telegraph

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David and Frederick Barclay

Debt hits 100pc of national income for first time since 1960s

UK state debt is as big as the country's economic output for the first time since the 1960s, data showed Friday, as the new government warns of tough fiscal decisions before its maiden budget.

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South Africa

UK economic data delivers fresh blow to new govt

Chancellor Rachel Reeves faces a fresh headache ahead of her first Budget this autumn after official figures revealed Government borrowing jumped by more than expected last month.

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Shropshire

Government borrowing jumps in August ahead of upcoming Budget

The public finances have been put under enormous strain by the costs of responding the triple whammy of the financial crisis, the pandemic and the energy crisis.

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Public borrowing hits 100% of GDP for first time since 1961

The chancellor is already seeking big savings to fill, what she says, is a £22bn legacy black hole in the public finances.

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National debt at 100% of GDP for first time since 1960s

UK government borrowing came in higher than forecast in the first five months of the fiscal year, keeping Chancellor Rachel Reeves under pressure to raise taxes to balance the books in her budget next month.

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BlackRock

United States

UK Deficit Overshoots in Blow to Reeves as Debt Hits 100% of GDP

British government borrowing jumped by almost a third to $18.2 billion last month compared with August 2023, taking borrowing to the highest level since treasury finances were hammered by COVID-19 in 2020-2021.

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British government borrowing reaches record $18.2B for August

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National debt at 100% of GDP for first time since 1960s

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