Great Britain’s debt amounts to 94.7% of its GDP

The UK’s accumulated net debt, excluding public sector banks, was 2.3 trillion pounds (2.8 trillion euros) in February, equivalent to 94.7% of GDP.a level not seen since the 1960s, according to information from the Office for National Statistics (ONS).

The authority explained that the state’s debt amounted to 13,100 million pounds (15.720 million euros) in February, the highest number recorded in that month since the start of monthly registrations in 1993, according to the Environmental Education Agency.

That amount is 2.4 billion pounds (2.8 billion euros) less than in February 2021 and 12.8 billion pounds (15.358 million euros) less than in February 2020, just before the coronavirus pandemic, the agency says.

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The data is known hours before the Economy Minister, Rishi Sunak, will present the so-called Spring Declaration to Parliament, in which he will reveal the latest growth forecasts and announce the news related to the state budget presented on October 27.

After knowing the financial statistics, Sunak said that With inflation and interest rates on the rise, It is critical not to allow debt to skyrocket and to burden future generations.”

“The uncertainty caused by global shocks makes adopting a responsible approach to public finances more important than ever,” he added, indicating that he would press ahead with recent and controversial tax increases, in the face of those who ask him. For flexibility in the face of the rising cost of living.

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