UK public debt exceeds £ 2 trillion for the first time
Total public debt exceeds £ 2 trillion for the first time in the UK
The first time public debt in the UK exceeded £ 2 trillion ($ 2.6 trillion), it triggered the debate on how to fund the unprecedented magnitude of support for the country’s economy affected by the pandemic.
The UK economy faces the highest debt burden since the 1960s, with total public debt exceeding 100 percent of GDP.
The figures released by the Office for National Statistics (ONS) on Friday reflect losses in tax revenues after the March quarantine brought the economy into a record recession.
The budget balance in the UK had a deficit of 26.7 billion pounds in July. Borrowing stood at £ 150.5 billion in the first four months of the fiscal year.