Published 09/20/2024 8:44:00 a.m.

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

The United Kingdom's public sector net debt reached 100% of GDP for the first time since the 1960s, according to the Office for National Statistics.
The new government faces challenges due to a £22 billion deficit in public finances and must make tough decisions for the economy.
Borrowing rose to £13.7 billion in August 2024, driven by increased spending on public services and pay raises.

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BBC News

Government borrowing in August highest since Covid

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

09/20/2024 8:44:00 a.m.·United Kingdom

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Reuters

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

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.

09/20/2024 8:44:00 a.m.·United Kingdom

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Daily Mirror

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

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

09/20/2024 8:16:38 a.m.·London, United Kingdom

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The Telegraph

Debt hits 100pc of national income for first time 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.

09/20/2024 6:26:00 a.m.·London, United Kingdom

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Shropshire Star

Government borrowing jumps in August ahead of upcoming Budget

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.

09/20/2024 6:56:14 a.m.·Ketley, United Kingdom

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Evening Standard

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

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.

09/20/2024 6:50:05 a.m.·London, United Kingdom

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