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Sunday, May 19, 2024

Great Britain. National debt exceeded 100 percent. GDP

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Britain’s public debt topped 100 percent of gross domestic product in May, Reuters news agency reported. The country hasn’t been this indebted since 1961.

According to the Office for National Statistics (ONS), net public debt, excluding government-controlled banks, was £2.567 trillion ($3.28 trillion). That’s 100.1 percent British GDP. This means that for the first time since 1961, the debt exceeded 100 percent. GDP.

Larger than expected loan

According to earlier, preliminary estimates the public debt Great Britain has already reached this level during the pandemic. Later, however, these statistics were revised.

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The ONS reported that loans taken out by the British government in May reached £20.045bn. Economists polled by Reuters had forecast public sector debt at £19.5bn.

UK inflation

annual rate inflation in the UK in April was 8.7%, which means that it has fallen below 10% for the first time since August last year. However, food prices continue to rise very rapidly.

Although the decrease in the annual inflation rate is significant – in March it was 10.1 percent. It is smaller than analysts expected. Some predicted it would go down to 8.2 percent. Nevertheless, this still represents the lowest level of inflation since March 2022.

READ ALSO: The Italians say: Enough! “Pasta strike” against galloping prices>>>

Main photo source: Mystic Stock Photography / Shutterstock



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