UK net debt hits highest level in more than 60 years, topping 100% of GDP

LONDON — The U.K. nationalist assemblage nett indebtedness successful May exceeded 100% of the nation's GDP for the archetypal clip since 1961, the Office for National Statistics said Wednesday.

Public assemblage nett debt, excluding that of state-controlled banks, came successful astatine £2.567 trillion ($3.28 trillion), which amounted to 100.1% of GDP.

Government borrowing successful May totaled £20.045 billion, the ONS revealed, exceeding statement expectations of £19.5 cardinal from a Reuters canvass of economists.

This marked a £3 cardinal diminution from the April figure, but was inactive much than treble that of May 2022 and represented the second-highest May borrowing fig since records began, noted PwC Economist Divya Sridhar.

U.K. yearly ostentation remained unchanged successful May from the erstwhile month, the ONS announced Wednesday, defying economical expectations of a flimsy diminution and piling further unit connected the authorities and consumers.

"This volition apt thrust up spending done accrued indebtedness involvement payments and inflation-linked benefits and taxation credits," Sridhar noted.