A closely watched economic ratio on public sector borrowing has passed through a threshold not seen for 60 years, official figures showed on Wednesday.
Public sector net debt at the end of May was £2,567.2 billion ($3,265.6 billion) and provisionally estimated at 100.1 per cent of gross domestic product, according to the Office for National Statistics (ONS).
It means that public sector debt is now larger than the size of the UK economy.
'Highly provisional'
This is the first time debt has exceeded GDP since 1961, although it was temporarily recorded as passing that threshold during the Covid pandemic before being revised lower.
The ONS pointed out that Wednesday's net debt figure, which is expressed as a percentage of GDP, should be "treated as highly provisional and likely to be revised in future publications".
The ONS said government borrowing in May was £20 billion, £10.7 billion more than in the same month in the previous year and the second-highest May borrowing since monthly records began in 1993.
The specs
Engine: 3.9-litre twin-turbo V8
Power: 640hp
Torque: 760nm
On sale: 2026
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Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
THE BIO
Family: I have three siblings, one older brother (age 25) and two younger sisters, 20 and 13
Favourite book: Asking for my favourite book has to be one of the hardest questions. However a current favourite would be Sidewalk by Mitchell Duneier
Favourite place to travel to: Any walkable city. I also love nature and wildlife
What do you love eating or cooking: I’m constantly in the kitchen. Ever since I changed the way I eat I enjoy choosing and creating what goes into my body. However, nothing can top home cooked food from my parents.
Favorite place to go in the UAE: A quiet beach.
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4,872 matches
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76 nations
26 UAE teams
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Dust and sand storms compared
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- Duration: Short-lived, typically localised
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- Source: Open desert areas with strong winds
Dust storm
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- Source: Can be carried from distant regions
UAE currency: the story behind the money in your pockets
COMPANY%20PROFILE
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Killing of Qassem Suleimani
