UK Government Debt Hits Historic 100% of GDP Amid Rising Deficits

UK

UK/Europe: British government debt has hit 100% of GDP for the first time since records began in 1993, marking a significant increase from 99.3% in July. Bank of England data shows the last time debt reached this level was in the early 1960s, following World War Two. This rise, driven by borrowing during the global financial crisis and the COVID-19 pandemic, alongside weak economic growth, presents a serious challenge for finance minister Rachel Reeves as she prepares her October 30 budget. 

Source: Zawya