UK's national debt surpasses 100% of GDP in 1st since 1961

By Aysu Bicer

LONDON (AA) – The UK's national debt surged past 100% of its gross domestic product in May, the highest level since 1961, as government borrowing more than doubled, official figures showed on Wednesday.

As of the end of May, the UK's net debt reached a staggering £2.6 trillion ($3.3 trillion), equivalent to approximately 100.1% of the country's economic output, the Office for National Statistics said.

The last time the debt-to-GDP ratio was above 100% was March 1961.

"During the coronavirus pandemic, early provisional estimates initially indicated that the debt-to-GDP ratio reached this level, prior to being revised down when stronger GDP data replaced initial forecasts," the statistical office said in a statement.

Excluding the Bank of England, debt was £2.3 billion or provisionally around 89.6% of GDP.

The central government net cash requirement was £17 billion in May 2023, £2.3 billion above the £14.7 billion previous forecast.