In blow to Rishi Sunak’s plans to cut taxes before general election, net debt reached £2.6tn at of end of May
The UK’s total government debt pile in May reached more than 100% of annual national income for the first time since 1961 as state borrowing more than doubled in May, according to official figures.
In a blow to Rishi Sunak’s plans to cut taxes before the general election, which is expected next year, the Office for National Statistics (ONS) said net debt reached £2.6tn as of the end of May, estimated at 100.1% of gross domestic product (GDP).
