In the News
Surge in borrowing takes UK national debt above 100% of GDP
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.