UK state debt rose to its highest level for more than 60 years in May, according to official figures. This is despite lower-than- expected government borrowing. The news emphasises the huge challenge facing the next government, with Labour and the Conservatives pledging to reduce debt in their general election campaigns. The Office for National Statistics (ONS) found public sector net debt as a proportion to UK GDP (gross domestic product) rose to 99.8% for the month. Prime Minister Rishi “Biggles” Sunak had promised to reduce the country’s debt by cutting public spending as one of his five pledges at the start of 2023. The ONS also revealed public sector net borrowing hit £15billion in May. Initial data found that type of borrowing – the difference between government spending and income – was £0.8bn higher than the same month last year. It was also the third-highest figure for May since monthly records began in 1993.

UK DEBT HITS 60 YEAR HIGH

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is the World's largest and fastest growing self-service, cross-platform digital newsstand with over 87 million users since its inception in 2011 and thousands of magazines and newspapers across 40+ categories and 60+ languages. Headquartered in New York, Magzter has its local presence in Amsterdam, London, Mexico City, Chennai, Mumbai, New Delhi, Bengaluru, Singapore, and will soon be expanding to other countries. Founded by global entrepreneurs, Girish Ramdas and Vijay Radhakrishnan in June 2011, Magzter enables magazine and newspaper publishers around the world to create and deliver digital editions of their titles to global consumers.

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{{magzter}} is the World's largest and fastest growing self-service, cross-platform digital newsstand with over 87 million users since its inception in 2011 and thousands of magazines and newspapers across 40+ categories and 60+ languages. Headquartered in New York, Magzter has its local presence in Amsterdam, London, Mexico City, Chennai, Mumbai, New Delhi, Bengaluru, Singapore, and will soon be expanding to other countries. Founded by global entrepreneurs, Girish Ramdas and Vijay Radhakrishnan in June 2011, Magzter enables magazine and newspaper publishers around the world to create and deliver digital editions of their titles to global consumers.