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Economics

In the News

Surge in borrowing takes UK national debt above 100% of GDP

Graham Watson

19th June 2020

Wow! The latest data about the public finances sees government borrowing hit a record level in May 2020, and the biggest since records began (in 1993).

Total government borrowing was £55.2bn - a remarkable nine times larger than this time last year, to the extent that government debt exceeded the size of the economy for the first time since 1963. As a result, the fiscal deficit for the financial year is already over £100bn.

We've curated below some of the initial response to this news about the surge in government borrowing and debt. Paul Johnson from the IFS provides some important long-run historical context at the bottom of this page.

Graham Watson

Graham Watson has taught Economics for over twenty years. He contributes to Tutor2U, reads voraciously and is interested in all aspects of Teaching and Learning.

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