Last month, Britain joined the club of countries whose national debt is greater than 100 per cent of economic output. According to an Office for National Statistics update, public debt exceeded £2 trillion, taking the debt to GDP ratio over 100 per cent for the first time in 60 years.
A fast economic recovery will prove vital for getting the Britain’s deficit under control
Crossing this mark doesn’t come as much of a surprise given the copious amounts of spending the UK has done on Covid-related policy. July saw the fourth highest borrowing of any month on record – the top three coming in the previous three months when the UK was under strict national lockdown. But it wasn’t as much as feared by the Office for Budget Responsibility, mainly because tax receipts were stronger than expected.
Since the financial year began in April, the UK has borrowed £150 billion – roughly what it borrowed for the whole financial year of 2009/10. This
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