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Gloucestershire Business News

UK government debt hits £2 trillion for first time

UK government debt has risen above £2 trillion for the first time.

Heavy spending on measures to support the economy amid the coronavirus pandemic have led to the landmark.

Spending on measures such as the furlough scheme means the debt figure now equals the value of everything the UK produces in a year.

Total debt hit £2.004 trillion in July, £227.6 billion more than last year, said the Office for National Statistics (ONS).

And economists have warned the situation would worsen before improving.

It is the first time debt has been above 100% of gross domestic product (GDP) since the 1960-61 financial year, the ONS said.

The July borrowing figure - the difference between spending and tax income - was £26.7bn, down from a revised £29.5bn in June.

It was the fourth highest borrowing in any month since records began in 1993. The three higher figures were the previous three months.

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