The UK’s public sector net debt surpassed 100% of gross domestic product (GDP) in May, as borrowing came in higher than expected, the Office for National Statistics (ONS) said on Wednesday.
The Office for National Statistics (ONS) said that as of the end of May, net debt had reached £2.6 trillion, which is predicted to be 100.1% of gross domestic product (GDP), dealing a blow to Rishi Sunak’s intentions to lower taxes before the general election, which is anticipated to take place next year.
The ONS said that government borrowing reached £20.045 billion in May, beating the consensus estimate of £19.5 billion from a Reuters poll of experts.
The ONS said that the increase in net debt was driven by higher borrowing by central government, which increased by £10.3 billion in May compared to April. This was due to a number of factors, including higher spending on COVID-19 measures and lower tax receipts.
The ONS said that the increase in net debt is “a significant milestone” and that it “highlights the importance of the government’s plans to reduce the deficit and debt over the coming years.”
The amount borrowed in May was the second largest since monthly records first started in 1993, and it was down £3 billion from April but up £10.7 billion from a year earlier.
By 2025, the government wants to cut its net debt to 75% of GDP. However, given the current state of the economy, some economists have cautioned that it might be challenging to reach this goal.
Pressure on the UK’s credit rating is probably going to intensify as net debt increases. In November 2022, Moody’s Investors Service lowered the UK’s credit rating from “Aaa” to “Aa3,” citing worries about the nation’s high levels of debt.
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