UK government debt surpasses GDP for first time in 62 years

UK debt of £2.6tn exceeds 100 per cent of GDP for first time in 62 years

The UK's net debt has reached £2.6trillion as of the end of May, which is estimated at 100.1 per cent of the UK's entire gross domestic product (GDP), the Office for National Statistics (ONS) has confirmed.It is the first time the debt-to-GDP ratio has risen above 100 per cent since March 1961.Government borrowing soared soared year-on-year to £20billion in May to cope with substantial spending on energy support schemes, inflation-linked payment…

UK government debt surpasses GDP for first time in 62 years

Public sector net borrowing doubled to £20bn in May

UK net debt passes 100% of GDP for first time since 1961

LONDON (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 w…

UK debt exceeds 100% of GDP for first time since 1961 – ONS

The UK’s debt pile reached more than 100% of economic output for the first time since 1961 as government borrowing more than doubled in May, according to official figures.