UK Net Debt Passes 100% Of GDP For First Time Since 1961 - Minutehack

According to the Office for National Statistics, the public sector net debt in the UK exceeded 100% of the gross domestic product in May due to higher-than-anticipated borrowing.

The amount of public sector net debt, not counting state-controlled banks', reached 2.567 trillion pounds ($3.28 trillion). This is equal to 100.1% of the country's gross domestic product.

This is the initial instance wherein the debt surpasses the GDP at a rate of over 100% since 1961. However, it emerged temporarily during the COVID-19 crisis before being corrected downward.

According to the ONS, the government's borrowing in May amounted to 20.045 billion pounds. A group of economists had predicted that the public sector's net borrowing (not including state-owned banks) would be around 19.5 billion pounds.

Written by William Schomberg; edited by David Milliken