UK debt is bigger than economy for first time since 1963

UK debt is bigger than economy for first time since 1963

UK debt is bigger than economy for first time since 1963 | Business

Britain's public debt is larger than the size of the country's economy for the first time since 1963, after the government borrowed a record £55bn in May.

The total level of debt has risen by 173bn over the last year to reach £1.95tn, or 100.9% of GDP, as ministers introduced unprecedented support for businesses and households during the coronavirus crisis.

The UK joined Italy, the US and Japan in the club of nations with levels of borrowing higher than their national income as the latest Office for National Statistics figures showed the UK government borrowed £55.2bn in May, roughly nine times more than the same month last year and the highest monthly borrowing since comparable records began in 1993.

The chancellor, Rishi Sunak, said: "Today's figures confirm that coronavirus is having a severe impact on our public finances. The best way to restore our public finances to a more sustainable footing is to safely reopen our economy so people can return to work.

"We've set out our plan to do this in a gradual and safe fashion, including reopening high streets across the country this week, as we kickstart our economic