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UK government debt reaches 100% of GDP for the first time in modern history

UK government debt reaches 100% of GDP for the first time in modern history

Posted on September 23, 2024 |

UK government debt has reached 100% of GDP for the first time since 1993, up from 99.3% in July.

August saw a significant budget deficit, adding pressure on the finance minister ahead of tax and spending plans.

Public sector debt, excluding banks, is at its highest since the early 1960s, linked to post-WWII financial challenges.

Debt surged during the global financial crisis and the COVID-19 pandemic, with weak economic growth contributing to its rise.

The government borrowed £13.73 billion in August, which is £3.3 billion more than in the same month last year.

So far in the 2024/25 financial year, the UK has borrowed £64.1 billion, £6 billion more than forecasted in March.

Rising debt and borrowing levels are increasing the challenges for the finance minister as she prepares new fiscal policies.