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THE BRITISH GOVERNMENT WENT TO A HISTORICAL BORROWING
The British Government went to a historical borrowing in the first quarter of the fiscal year. Borrowing amounted to 127.9 billion pounds.
Yazar: Tom Roberts
Yayınlanma: 22 Temmuz 2020 19:49
Güncellenme: 20 Eylül 2024 12:23
THE BRITISH GOVERNMENT WENT TO A HISTORICAL BORROWING
The British Government went to a historical borrowing in the first quarter of the fiscal year. According to the news in the BBC, public borrowing in April, May and June amounted to 127.9 billion pounds. The main reason for this was the support packages that the government announced one after another due to the corona virus outbreak. Britain's public debt for the whole of 2019 was just 55.4 billion pounds.TOTAL DEBT RECORD: 1.9 TRILLION POUND!
As a result of the reopening of the economy, the decrease in the short-time working allowance and the increase of taxes with the start of business, the borrowing in June remained under May, reaching £ 35.5 billion. However, this is about five times the number in June of last year. With the debt in the second quarter, Britain's total public debt also broke a record with 1 trillion 980 billion pounds.
'THE LARGEST DEBT AFTER I. AND II. WORLD WARS '
“The borrowing in the first quarter of the fiscal year was the highest on the record when the records were kept,” said Paul Johnson, Director of the Institute for Financial Research. In fact, our borrowing amount in the first quarter is more than twice the number we normally expect to borrow all year round. This amount, It was the biggest debt received outside except I. and II. World Wars ”.BORROW'S RATE TO GDP 99.6 PERCENT
According to the data of the National Statistics Office, the ratio of public debt to gross domestic product was 99.6 percent. This was the highest rate achieved since the fiscal year 1961. According to experts, to reduce the ratio of debt to gross domestic product to 75 percent, it is necessary to save 60 billion pounds every 10 years with today's money for the next 50 years. The extraordinary size of the tax, spending and borrowing numbers reflects the fast-moving nature of the pandemic, the scale of the recession and its associated policy response.İLGİLİ HABERLER
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