It was only a few days ago one of the forum's members was preaching to us on how well the economy was performing. Today's news will put Sunak under more pressure and won't endear the government to mortgage holders.
I'm pleased we're not in a recession but I hope for that member's sanity he does not see today's news:
Quote:
Another of Prime Minister Rishi Sunak's five key priorities for 2023 is in doubt as national debt reached 100% of GDP.
The third of the government's five targets is to reduce the national debt but official figures from the Office for National Statistics (ONS) showed it increased in May to the highest in more than 60 years.
Public sector debt topped £2,567.2bn at the end of May, equivalent to 100.1% of GDP.
GDP - or gross domestic product - is a key metric of economic output, tracking everything produced in an economy. The ONS said the 100% of GDP statistic should be treated as "highly provisional and likely to be revised" as it relies on GDP estimates from the independent finance analysts, the Office of Budget Responsibility.
|
https://news.sky.com/story/another-s...-high-12906709
Quote:
The rate of price rises has remained at 8.7% despite expectations of a fall, according to official figures.
The Office for National Statistics (ONS) announced the consumer price index measure of inflation stood at 8.7% in the year up to May, the same as the rate in April.
A slight decrease, to 8.4%, had been expected by economists. It puts the government's pledge to halve inflation this year in doubt.
|
https://news.sky.com/story/no-decrea...t-8-7-12906181