Economy

Five facts that show how catastrophic the UK’s debt problem is

Projected to borrow nearly £300bn this year.

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.

Embed from Getty Images

So here, we’ll present 5 of them based on data released in May 2020 by ONS:

  1. Debt as a percentage of GDP is at 100.9% – the worst ratio since 1963.
  2. 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.
  3. UK borrowed £103.7bn from April to May 2020 – £87bn more than in the equivalent period last year.
  4. £91.6bn spent by central government in May 2020 – a 49.8% year-on-year increase.
  5. £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.

Add Comment

Click here to post a comment

Let's Talk

Buying Tremor SharesYou should have trusted your instinct- easy to say now I suppose. … Read More
Omega very bullishBullish? Looks sheepish now! Read More
Surely Amigo won't go bustErr looks like the the judge man doesn't care, Amigo better p … Read More
Argo shares back to the moooooon? …I actually like that its main listing is in London, less competiti … Read More
What shares do you think could go …SNG after today's news. If they can get this out anytime soon … Read More
Hey, profit awaits! Free Sharebuyers Newsletter

Receive hot tips you can profit from - only sent when it matters. Twitter: @ShareBuyers.