UK government debt exceeds GDP for the first time since 1961

The country’s net public debt reached 20 billion pounds sterling in May, 10.7 billion pounds more than the same month last year, according to data from the UK’s Office for National Statistics (ONS).

This figure was the second highest indebtedness in May since 1993, when the corresponding monthly records began to be kept.

Said increase was mainly due to energy support programs and social security benefits.

Total public debt reached £2.567 billion at the end of May, corresponding to 100.1 percent of GDP.

The ONS reported that net public debt exceeded 100 percent of GDP for the first time since March 1961.

Government debt, excluding the Bank of England, was estimated at £2.29.8 trillion.

British Chancellor of the Exchequer Jeremy Hunt, in his assessment on the matter, said the government made difficult but necessary decisions to balance the books in order to grow the economy and reduce debt. (AA)