Britain’s public sector net debt rose above 100% of the nation’s gross domestic product in May due to increased borrowing, the Office for National Statistics said on Wednesday.
The ONS said government borrowing in May stood at 20.045 billion pounds against 19.5 billion pounds expected by economists.
Public sector net debt hit 2.567 trillion pounds ($3.28 trillion) in May, equivalent to 100.1% of gross domestic product.
This excludes the debt of state-controlled banks.
May figures is the first time Britain’s debt stood above 100% of GDP since 1961 although it temporarily passed the threshold during the COVID-19 pandemic before being revised lower.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
