The UK is in debt and a lot of it. New figures released by the Office for National Statistics reveal all kinds of unsavoury records being broken in terms of just how precarious the UK’s debt situation is.
So here, we’ll present 5 of them based on data released in May 2020 by ONS:
- Debt as a percentage of GDP is at 100.9% – the worst ratio since 1963.
- Debts of £1,950.1 billion at May 2020 represented an increase of £173.2bn compared to May 2019 – the largest increase year-on-year since records started in 1993.
- UK borrowed £103.7bn from April to May 2020 – £87bn more than in the equivalent period last year.
- £91.6bn spent by central government in May 2020 – a 49.8% year-on-year increase.
- £298.4bn could be borrowed for the full financial year (April 2020 to March 2021). This will be approximately five times more than in the last year’s financial year.