The UK’s national debt has reached its highest level since 1962, according to new official figures Friday.
The total stock of government debt was worth 99.5% of the value of the economy in June, exceeding the highs reached during the coronavirus pandemic for the first time.
The Office for National Statistics (ONS) figures also showed that the amount the government borrowed was more than expected in June.
Government debt refers to the overall amount of money owed by the government that has built up over years.
Borrowing refers to the difference between public sector spending and income from taxes in a given period.
While last month’s borrowing figure of £14.5bn was the lowest June total for five years, helped by lower interest costs linked to falling inflation, it was still higher than economists had forecast.
Separate figures from the ONS showed that retail sales fell by more than expected last month, with shops saying they had been hit by cold weather and election uncertainty.
Retail sales volumes dr
opped by 1.2% in June, the ONS said, following strong growth in May.
Sales at non-food retailers such as clothes shops and department stores saw the biggest fall, down 2.1%.
“Retailers suggested election uncertainty, poor weather, and low footfall affected sales,” the ONS said.
Source: Kuwait News Agency
