The UK government’s debt rose above 100% of its gross domestic product (GDP) in May due to a surge in spending to counter the coronavirus-induced slowdown and loss of tax revenues.
The debt-to-GDP ratio was last seen above 100% in 1963. The debt has grown by a fifth over the past year and now stands at £1.95 trillion, according to The Times.
While spending surged almost 50% in May alone, revenues plunged by over 28%, pushing borrowing higher to £55.2 billion – the highest single month on record.
Share
