Close Menu

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    Sanwo-Olu to Tinubu: You Have Achieved So Much In Just Two Years

    June 1, 2025

    Rihanna’s Father, Ronald Fenty Dies At 70

    June 1, 2025

    Champions League: I Find It Hard To Believe We Won 5 Nil – PSG President

    June 1, 2025
    Facebook X (Twitter) Instagram
    Trending
    • Sanwo-Olu to Tinubu: You Have Achieved So Much In Just Two Years
    • Rihanna’s Father, Ronald Fenty Dies At 70
    • Champions League: I Find It Hard To Believe We Won 5 Nil – PSG President
    • WAEC: Katsina Govt Demands Cancellation Of English Language Examination
    • Tinubu Commissions First Section Of Lagos-Calabar Coastal Superhighway
    • Edo State Competing With Lagos, Abuja – Okpebholo
    • Osimhen To Decide On Future Next Week
    • Mokwa Flood: Tinubu Sends Delegation To Niger As Death Toll Rises To 151
    Facebook X (Twitter) Instagram
    TheScrutinyNG
    Subscribe
    Sunday, June 1
    • Home
    • Politics
    • Business
    • News
      • World News
    • Sports
    • Interviews
    • Opinion
    • Entertainment
    • Columnists
    • ABOUT US
    TheScrutinyNG
    Home » UK Public Debt Increases To Highest Since 1961
    2 Mins ReadJune 21, 2024

    UK Public Debt Increases To Highest Since 1961

    By Amina MohammedJune 21, 2024No Comments2 Mins Read
    Share Facebook Twitter Pinterest LinkedIn Tumblr Email
    Share
    Facebook Twitter LinkedIn Pinterest Email

    UK state debt rose to levels not witnessed for more than 60 years in May in spite of lower-than-expected government borrowing, according to official figures.

    The data, which comes only two weeks before the general election, underscores the financial challenge facing the next Government, with both Labour and the Conservatives pledging to cut debt.

    The Office for National Statistics (ONS) found that public sector net debt as a proportion to UK GDP (gross domestic product) rose to 99.8 per cent for the month.

    This marks the highest reading since March 1961, the ONS said.

    Both the Labour and the Conservative parties have said in the run-up to the election that they will meet a fiscal rule to reduce the debt-to-GDP ratio over the next five years.

    British Prime Minister Rishi Sunak promised to reduce debt as one of his five pledges at the start of 2023.

    This came as the statistics body also revealed that public sector net borrowing hit 15 billion pounds (19 billion dollars) for the month.

    Initial data found public sector borrowing – the difference between Government spending and income – was 0.8 billion pounds higher than the same month a year earlier.

    It was also the third-highest May since monthly records began in 1993.

    Nevertheless, this was 0.6 billion pounds below forecasts from the Office for Budget Responsibility (OBR), the Government’s official forecaster, and was less than economists had predicted.

    The central government had receipts – the money it receives, predominantly through taxes – of 76.8 billion pounds for the month.

    This represented a one-billion-pound increase after receiving more through income tax, corporation tax, and VAT (value-added tax).

    Meanwhile, government spending was recorded as 91.6 billion pounds for May, up 2.8 billion pounds from the same month a year earlier.

    The increase was partly linked to a 2.2-billion-pound rise in social benefits following the inflation-linked increase in benefit payments.

    Departmental spending on goods and services was also higher after inflationary pressure on running costs. (dpa/NAN)

    Author

    • Amina Mohammed
      Amina Mohammed

      View all posts
    UK
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Amina Mohammed

    Related Posts

    Entertainment

    Rihanna’s Father, Ronald Fenty Dies At 70

    June 1, 2025
    Breaking News

    Breaking: Elon Musk Quits Trump’s Administration

    May 29, 2025
    Breaking News

    Outpouring of Condolences As Kenyan Author, Ngugi wa Thiong’o Dies At 87

    May 29, 2025
    Crime

    Israeli Forces Killed Hamas Leader, Mohammed Sinwar – Netanyahu

    May 28, 2025
    Culture & Tourism

    US Suspends Students Visa Application Interviews

    May 28, 2025
    Crime

    US Silence Encouraging Putin To Launch Attacks In Ukraine – Zelensky

    May 25, 2025

    Subscribe to News

    Get the latest sports news from NewsSite about world, sports and politics.

    Editor's Picks

    Sanwo-Olu to Tinubu: You Have Achieved So Much In Just Two Years

    June 1, 2025

    Rihanna’s Father, Ronald Fenty Dies At 70

    June 1, 2025

    Champions League: I Find It Hard To Believe We Won 5 Nil – PSG President

    June 1, 2025

    WAEC: Katsina Govt Demands Cancellation Of English Language Examination

    June 1, 2025
    Latest Posts
    Advertisement
    Facebook X (Twitter) Pinterest Vimeo WhatsApp TikTok Instagram

    News

    • World
    • US Politics
    • EU Politics
    • Business
    • Opinions
    • Connections
    • Science

    Company

    • Information
    • Advertising
    • Classified Ads
    • Contact Info
    • Do Not Sell Data
    • GDPR Policy
    • Media Kits

    Services

    • Subscriptions
    • Customer Support
    • Bulk Packages
    • Newsletters
    • Sponsored News
    • Work With Us

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    © 2025 The Scrutiny. Designed by Design Streams.

    • Privacy Policy
    • Terms
    • Accessibility

    Type above and press Enter to search. Press Esc to cancel.