Live
- Gold rates in Visakhapatnam surges, check the rates on 20 April 2024
- Gold rates in Vijayawada surges, check the rates on 20 April 2024
- Gold rates in Hyderabad surges, check the rates on 19 April 2024
- YS Sharmila to file nomination for Kadapa Lok Sabha constituency today
- Rains lash parts of Hyderabad bringing respite from heat
- Peddireddi continues tirade against former CM Kiran
- DCA raids three quacks
- ‘Kuppam Gadda-TDP Adda’, asserts Bhuvaneswari
- Never made people regret voting for me: Kishan Reddy
- ‘Garuda Prasadam’ at Chilkur Balaji throws traffic haywire on Moinabad Road
UK government debt hits $2.6tn for first time
UK government debt hits $2.6tn for first time (Photo/AP)
The UK government debt has increased above 2 trillion pounds ($2.6 trillion) for the first time amid heavy spending to support the economy amid the coronavirus pandemic,
London: The UK government debt has increased above 2 trillion pounds ($2.6 trillion) for the first time amid heavy spending to support the economy amid the coronavirus pandemic, the Office for National Statistics (ONS) revealed on Friday.
Spending on measures such as the furlough scheme means the debt figure now equals the value of everything the UK produces in a year, the BBC reported.
Total debt hit 2.004 trillion pounds in July, 227.6 billion pounds more than last year, said the ONS.
It is the first time debt has been above 100 per cent of the GDP since the 1960-61 financial year.
The July borrowing figure - the difference between spending and tax income - was 26.7 billion pounds, down from a revised 29.5 billion pounds in June.
It was the fourth-highest borrowing in any month since records began in 1993.
The three higher figures were the previous three months.
The ONS cautioned that borrowing estimates were subject to "greater than usual uncertainty".
