Britain's public debt went above 2 trillion pounds ($2.65 trillion) for the first time in July as the government ramped up public spending to cope with the coronavirus pandemic and tax revenues fell, official data showed on Friday.
FILE PHOTO: Britain's Chancellor of the Exchequer Rishi Sunak visits Peak Scientific, a Scottish manufacturer of gas generators for analytical laboratories in Glasgow, Scotland, Britain, August 7, 2020. Andy Buchanan/Pool via REUTERS
Net debt, excluding public banks, rose to 2.004 trillion pounds , up by nearly 230 billion pounds from July 2019 and equivalent to 100.5% of Britain’s economic output, its highest since 1961. In July alone, borrowing excluding public sector banks was 26.7 billion pounds, slightly less than the median forecast in a Reuters poll of economists. But in July last year, the budget was in surplus by about 1.6 billion pounds, boosted by receipts of income tax which typically fall in the month.
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