Britain's Public Debt Increased Compared to Last Year

Britain's Public Debt Increased Compared to Last Year Britain's public debt increased compared to last year. The country's public debt rose to £ 22.3 billion in October. According to data released by the British Office of National Statistics (ONS), the country's public borrowing was £ 22.3 billion in October, up £ 10.8 billion compared to the same month last year. In the statement made by the British Office of National Statistics, it was stated that the new type of coronavirus (Covid-19) epidemic had a great effect on the increase in the need for public debt. With the latest data, the country's public debt has reached £ 214.9 billion since April, an increase of £ 169.1 billion compared to the same month last year. Britain's total public debt reached 100.8 percent of the country's Gross Domestic Product (GDP) at the end of October and was recorded as £ 2.08 trillion. Factors such as the ongoing quarantine practices in the country, the support of employees with paid leave program and the decrease in tax revenues from the private sector significantly increase the borrowing need of the UK economy. In his speech last week, British Minister of Finance Rishi Sunak announced that 200 billion pounds had been spent so far to mitigate the economic effects of the epidemic.       Source: Bloomberg HT