UK net debt passes 100% of GDP for first time since 1961
2:26 am Wednesday, June 21st, 2023
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 was temporarily recorded as passing that threshold during the COVID-19 pandemic before being revised lower.
The ONS said government borrowing in May stood at 20.045 billion pounds. A Reuters poll of economists had pointed to public sector net borrowing, excluding state-owned banks, of 19.5 billion pounds.
($1 = 0.7819 pounds)
(Reporting by William Schomberg; editing by David Milliken)
