UK debt exceeded 100% of GDP
According to the competent authorities, this indicator was located at 1.95 million pounds sterling, which is exactly equivalent to 100.9% of the Gross Domestic Product
The public debt of the United Kingdom stood last May at 1.95 trillion pounds sterling, a figure equivalent to 100.9% of British GDP, exceeding for the first time since 1963 the size of the country’s economy, the second largest in Europe.
The volume of net debt recorded at the end of May represented an increase of £ 173.2 billion or 20.5 percentage points in the last twelve months, representing the largest year-on-year increase in percentage of GDP in the entire historical series, which is dates back to 1993.
It is estimated that public debt rose in May to 55,200 million pounds, which means practically multiplying by nine the figure recorded in May 2019 and represents the highest in the entire series.
Thus, in the first two months of fiscal year 2020/21, it is estimated that British indebtedness climbed to £ 103.7 billion, a new record, exceeding by about £ 87 billion the figure for April and May 2019.
In this sense, the latest estimates from the Office of Budgetary Responsibility (OBR) indicate that the UK’s indebtedness in the current fiscal year, between April 2020 and March 2021, could reach £ 298.4 billion, almost five times more than in the last fiscal year.
On its side, government revenue decreased by 28.4% year-on-year in May to £ 40.7 billion, including falls of 46% and 29.4% in VAT and income tax collections, while corporate tax collection was reduced by 14%.
K. Tovar
Source: Upnewsinfo
