Thread: Coronavirus (OLD)
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Old 19-06-2020, 10:10   #4093
1andrew1
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Re: Coronavirus
Public debt has now exceeded GDP for the first time since 1963.* However, one think tank (IFS) says it's not a significant worry as the debt's purpose was for economic recovery.
Quote:
UK public debt exceeds 100% of GDP for first time since 1963
Government borrowing surges to pay for measures to counter coronavirus impact on economy
In a set of public finance statistics that broke many records for the severity of the pandemic on government finances, gross central government debt — the money owed to the holders of gilts, national savings and creditors of Network Rail — exceeded £2tr for the first time ever in May. It rose £200bn over the past year to hit £2.009tr, according to the Office for National Statistics.T he figures showed the level of public borrowing to be on course to end the financial year about £300bn in the red, twice as bad as the worst year in the global financial crisis of 2008-09 and about 15 per cent of national income.
https://www.ft.com/content/57974640-...b-32f34825f13e

*For those of you interested, the Prime Ministers at the time were Sir Alec Douglas-Home (1963-1964) and Harold Macmillan (1957-1963) both Conservative.
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