UK net debt passes 100% of GDP for first time since 1961

A man crosses Westminster Bridge as the Houses of Parliament are partially illuminated in purple to commemorate Holocaust Memorial Day, London, Britain, Jan 27, 2022. REUTERS/Toby Melville/FILE PHOTO

LONDON  – Britain’s public sector net debt surpassed 100 percent of gross domestic product in May as borrowing came in higher than expected, the Office for National Statistics said on Wednesday.

Public sector net debt, excluding that of state-controlled banks, hit 2.567 trillion pounds ($3.28 trillion), equivalent to 100.1 percent of gross domestic product.

That represented the first time that debt stood above 100 percent of GDP since 1961 although it was temporarily recorded as passing that threshold during the COVID-19 pandemic before being revised lower.

The ONS said government borrowing in May stood at 20.045 billion pounds. A Reuters poll of economists had pointed to public sector net borrowing, excluding state-owned banks, of 19.5 billion pounds.

($1 = 0.7819 pounds)