Britain’s public sector net debt surpassed 100 percent of gross domestic product in May as borrowing came in higher than expected, the Office for National Statistics said on June 21, 2023. Public sector net debt, excluding that of state-controlled banks, hit 2.7 trillion pounds ($3.28 trillion), equivalent to 100.1 percent of gross domestic product (GDP). That represented the first time that debt stood above 100 percent of GDP since 1961 although it was temporarily recorded as passing that threshold during the COVID-19 pandemic before being revised lower. The office for national Statistics (ONS) said government borrowing in May stood at 20.0 billion pounds. A Reuters poll of economists had pointed to public sector net borrowing, excluding state-owned banks, of 19.5 billion pounds.
Source: IBP