Economics

City reacts to UK debt pile exceeding GDP: ‘Sobering’ glimpse of virus fallout

UK debt exceeded GDP for the first time since the 1960s

Chancellor of the Exchequer Rishi Sunak and his treasury team
Chancellor of the Exchequer Rishi Sunak and his treasury team Photo: Daniel Leal-Olivas/Getty Images

UK public debt is now higher than the country's economy, jumping above 100% of official GDP figures for the first time since 1963. The government borrowed a record £55bn in May, nine times more than the year before.

Overall UK debt at the end of May soared 21% to about £1.95tn.

WSJ Logo