For the first time since 1961, public sector debt in England exceeded the country’s GDP in May.
According to Reuters, the British Office for National Statistics reported today that in May of this year and for the first time in the last 52 years, the country’s public debt exceeded its GDP.
Accordingly, the debt of the British public sector, without considering the state banks of this country, has reached 2.567 trillion pounds, equivalent to 3280 billion dollars, which is equivalent to 100.1% of the country’s GDP.
This is the first time since 1961 that the UK’s public debt has exceeded the country’s GDP. The British Office of National Statistics has announced that the amount of government borrowing in May was 20 billion pounds.