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UK debt jumps to 98 percent of GDP

Christian Fernsby ▼ | May 23, 2020
The UK government borrowed £62.1 billion in April, sending net debt to a record 98 per cent of GDP.
Bank of England
Net debt   Bank of England
The net debt for April stood at £1,887.6 billion, or 98 per cent of GDP.

Topics: GDP UK

It was pushed up by government departmental spending that jumped to £91.4 billion last month, vs £55.8 billion for April last year.

That’s an increase of 64 per cent, and only £5.2 billion was the cost of the government’s job retention programme.

That’s eight years’ progress of deficit reduction undone in a matter of weeks.