News World British public debt tops 2 trillion pounds for first time

British public debt tops 2 trillion pounds for first time

Britain’s public debt went above 2 trillion pounds for the first time in July as the government ramped up public spending to cope with the coronavirus pandemic and tax revenues fell, official data showed on Friday.

Net debt, excluding public banks, rose to 2.004 trillion pounds, up by nearly 230 billion pounds from July 2019 and equivalent to 100.5% of Britain’s economic output, its highest since 1961.

Borrowing in the April-July period, the first four months of the financial year, surged to 150.5 billion pounds, almost three times borrowing by the government during the previous financial year as a whole, the Office for National Statistics said.

In July alone, borrowing excluding public sector banks was 26.7 billion pounds, slightly less than the median forecast in a Reuters poll of economists. But in July last year, the budget was in surplus by about 1.6 billion pounds, boosted by receipts of income tax which typically fall in the month.

“Today’s figures are a stark reminder that we must return our public finances to a sustainable footing over time, which will require taking difficult decisions,” finance minister Rishi Sunak said.

Debt as a share of gross domestic product was also pushed up by the sharp contraction in the size of Britain’s economy during the coronavirus lockdown, the ONS said. (Reuters)

Top Stories

Meghan loses latest court battle with UK tabloid newspaper

Meghan, Britain's Duchess of Sussex, has lost the latest skirmish in her privacy lawsuit against a tabloid newspaper, after London's High Court ruled on...

Armenia’s defence ministry says warplane shot down by Turkish F-16 fighter jet

A Turkish F-16 fighter jet shot down an Armenian SU-25 warplane over Armenian territory on Tuesday, killing the pilot, an Armenian defence ministry spokeswoman...

Greek, Italian and French officials to hold talks with Petrides during visits

Greek Minister of National Defence Nikos Panagiotopoulos, accompanied by the Chief of the Hellenic National Defence General Staff Konstantinos Floros, Chief of Defence Staff...

Employers – clients determine working time of 74% of workforce in Cyprus

In 2019, the employer, organisation or clients mainly decided on the working time of almost 118 million of the 194 million employed people aged...

Syllouris expresses solidarity and support to the Armenian people

Cyprus House President Demetris Syllouris expressed feelings of sincere solidarity and fraternal support to the Armenian people during a telephone conversation he had on...

Taste

Sheftalies

Sheftalies, a very tasty dish from the charcoal grill, are minced meat shaped into small sausages and wrapped in “panna” (suet). Panna is a...

Spicy grilled soutzoukakia

Place all ingredients for soutzoukakia in a bowl and mix well, preferably using a food processor, until well combined. Using the mixture, form cigar-shaped...

Souvlakia

Pork souvlaki: Put the meat and all the other ingredients in a bowl (not metal) and mix well. Cover the bowl and keep in...

Pastelli (Carob Toffee)

The nutritional sweet of Pastelli is made with the syrup of carob pods, produced by boiling their pulp until it forms a thick, sticky...