National debt at 100% of GDP for first time since 1960s

By Free Republic | Created at 2024-09-22 00:30:47 | Updated at 2024-09-30 05:24:25 1 week ago

National debt at 100% of GDP for first time since 1960s
News sky ^ | 09/20/2024 | James Sillars

Posted on 09/21/2024 5:21:26 PM PDT by ChicagoConservative27

The UK's public sector debt has hit 100% of the value of the country's annual economic output for the first time since the 1960s, according to official figures released ahead of the chancellor's maiden budget.

The Office for National Statistics (ONS) said, in a preliminary estimate, that the figure had risen from the 99.3% figure recorded the previous month.

Wider data revealed by the number crunchers showed that the government borrowed £13.7bn in August, up by £2bn on the figure expected by the Office for Budget Responsibility (OBR).

(Excerpt) Read more at news.sky.com ...

TOPICS: Business/Economy; Culture/Society; Foreign Affairs; United Kingdom
KEYWORDS: first; gdp; nationaldebt; uk

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To: ChicagoConservative27

why do they compare to gdp?

are they planning on taxing at 100%?

a fair comparison would be to tax revenue

which would better reflect the ability to repay

2 posted on 09/21/2024 5:25:22 PM PDT by joshua c

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