​UK public debt exceeds 100% of GDP

The UK government’s debt exceeded the size of the UK economy in May for the first time in more than 50 years as borrowing surged to pay for coronavirus mitigation measures, official data published on Friday showed, Report informs, citing the Financial Times.

In May, the headline measure of public sector net debt rose to £1,950bn, representing 100.9 percent of national income, the first time it was above the level of the gross domestic product since 1963, having declined from a peak of 258 percent in 1946-47.

Public sector net borrowing hit 55.2 billion pounds ($68.7 billion) in May – nine times the level for May 2019, and a record high after April’s reading was revised down sharply.

Over 110 billion pounds were spent on entrepreneurship, and support to population last week. More than 33 billion pounds have been allocated to entrepreneurs since the start of the pandemic.

According to the Health Ministry’s latest information, the number of people infected with coronavirus has exceeded 300,000, and the death toll has reached 42,200.