UK debt exceeds its economy, reaching 100.1% of GDP for the first time since 1961
Per CNBC
UK net debt is reaching new heights that now result in it exceeding the economy. For the first time since 1961, the total debt is reportedly 100.1% above the countyr's GPD.
According to the Office for National Statistics, this was for the UK public sector net debt in May. It was reported that there was $3.28 trillion in public sector net debt, aside from banks controlled by the state, which resulted in 100.1% of the GDP, making it the first time in 60 years that UK debt has surpassed its economy.
As per a Reuters poll of economists, in May, there was £20.045 billion in government borrowing, which was £0.5 billion over the expected £19.5 billion. PwC Economist Divya Sridhar gave a statement regarding the situation.
Sridhar: “This will likely drive up spending through increased debt interest payments and inflation-linked benefits and tax credits,”
In January, it was reported that a UK GDP bump helps slightly steer the risk of recession. During that time, it was noted that there was a small recovery of 0.1% in GDP, helping the economy slightly avoid the risk of falling into a recession.
In October, US President Joe Biden said UK Prime Minister Liz Truss' tax cuts were a mistake.
See flow at unusualwhales.com/flow.
Other News:
- UK GDP Bump Helps Slightly Steer Risk of Recession
- Biden Says UK Prime Minister Liz Truss' Tax Cuts Were A Mistake—Concerned for Worldwide Inflation and Not the Dollar
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