2023-06-21 12:19:20
By Le Figaro with AFP
Posted 49 minutes ago, Updated 8 minutes ago
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With public sector net debt estimated at £2577.2 billion by the Office for National Statistics, the UK’s debt level is at 1961 levels.
UK public sector debt exceeded 100% of gross domestic product (GDP) in May for the first time since 1961, according to an estimate released by the Office for National Statistics (ONS) on Wednesday. Public sector net debt at the end of Maywas £2,567.2 billion and provisionally estimated at 100.1% of GDP“, announced the ONS in its monthly report. The last time the debt-to-GDP ratio exceeded 100% was in March 1961.
However, this figureshould be considered very provisional and subject to revision in future publications“warned the ONS. “During the coronavirus pandemic, early provisional estimates had initially indicated“that this ratio had exceeded 100%, “before being downgradedwhen new data showed stronger GDP than initially estimated, the statistics institute said.
UK public borrowing hit £20bn in May, almost double what it was a year earlier, weighed down by costly energy aid and increases in benefits and staffing , noted the ONS. The British government is helping households cope with soaring energy bills in the wake of the war in Ukraine, which is helping to fuel inflation that is hanging on in the UK more than elsewhere and causing a severe cost crisis of life in the country.
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Inflation in the United Kingdom, the highest of the G7 countries, did not decline in May as expected by analysts, remaining at 8.7% over one year, the ONS also announced on Wednesday.
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