The UK Public Debt Is Already The Highest Since 1960

The UK Public Debt Is Already The Highest Since 1960

The British government's loans in the first half of the 2020/2021 financial year were already more than six times higher than before the outbreak of the COVID-19 pandemic. The ONS statistical office informed about it, according to which the public debt is already the highest since 1960. The UK public sector's net lending increased by £ 28.4 billion (€ 31.1 billion) year on year to GBP 36.1 billion in September. This is the third sharpest increase in loans since the beginning of the recording of these data in 1993. In the first six months of the current financial year 2020/2021, Britain borrowed GBP 208.5 billion in the markets, which is GBP 174.5 billion more than in the same period last year and the highest level of borrowing for the period April-September since the beginning of the record in 1993. The UK's public debt increased by GBP 259.2 billion in the first six months of the financial year, reaching GBP 2.06 trillion at the end of September 2020, representing around 103.5 percent of gross domestic product. This is the highest debt-to-GDP ratio since the 1960 financial year.