UK government debt hit a record high at the end of July, surpassing the £ 2 trillion ($ 2,616.9 billion) threshold due to the cost of aid measures deployed in recent months to deal with the health crisis. Debt stood at precisely 2,004 billion pounds ($ 2,623.3 billion) last month, or 227.6 billion pounds ($ 297.9 billion) more than a year earlier, a announced Friday the National Statistics Office (ONS). In July, it represented more than 100% of GDP (100.5%) for the first time since 1961. The brutal recession, following the cessation of activity for weeks, reduced tax revenues, not to mention the cuts temporary taxes granted to fragile sectors. Consequently, the government deficit reached 150.5 billion pounds (138.1 billion dollars) between April and July. Economists expect it to even exceed 300 billion pounds ($ 392.7 billion) in the 2020-2021 fiscal year (completed in late March).
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UK government debt hit a record high at the end of July, surpassing the £ 2 trillion ($ 2,616.9 billion) threshold due to the cost of aid measures deployed in recent months to deal with the health crisis. The debt stood at precisely 2,004 billion pounds ($ 2,623.3 billion) in the month …
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