This article was last updated on April 16, 2022
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According to the latest figures, the U.K. government debt has crossed the £1trillion barrier for the very first time.
The Office for National Statistics revealed the facts that the amount of debt has now risen to an eye-watering 64.2% of GDP in December, taking it over £1,003.9bn.
The recorded rise is 14% on the same time a year ago when Government debt was £883bn, and the figures are topping since records began in 1993.
The sum is equivalent to £16,072 for every man, woman and child in Britain.
The symbolic barrier has been broken for the first time. The IMF has cut the U.K. growth forecasts with the economy in an expectation to progress in a steady manner than predicted previously.
RBS economist, Ross Walker has commented on the statistics before Sky News: “We now have three-quarters of the year’s data… and we’re heading for a small undershoot in terms of the borrowing figures for this year.”
The Government had been keeping the hopes high on growth to help reduce the debt burden. However, the uncertain economic outlook could upset the Treasury’s course of plans.
The last time in the 2001/02 financial year, the Treasury’s books recorded a surplus – by spending less than its income – when it made an inadequate repayment of £243million.
According to the analysts, the Chancellor George Osborne is still on the course to meet his fiscal targets set by the Office for Budget Responsibility to reduce borrowing in the financial year to £127billion despite fears that the U.K. is on the edge of recession.
The Treasury has told that the prevailing high level debt is due to the unjustified spending by the former government.
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