U.K. debt-to-GDP reaches highest level since 1961
- 21st July 2020
- Posted by: Hakeem
- Category: Economics
Britain has racked up debt as its economy has cratered, sending its debt-to-GDP ratio to the highest level since 1961, according to data released Tuesday.
The country’s debt-to-GDP ratio reached 99.6%, an increase of 18.9 percentage points compared with the same point last year, the ONS said.
Debt at the end of June was £1.94 trillion, which is £195.5 billion more than at the same point last year.
In June, central government receipts fell 16.5% while expenditure rose 24.8%.
The data was released alongside the latest public sector net borrowing figures, which showed a £34.8 billion deficit in June, lower than the £44.7 billion gap in May.
The pound GBPUSD, 0.39% was trading at $1.2699, up from $1.2660 on Monday.