The latest Office for National Statistics (ONS) figures show that HMG’s borrowing reached over £300 Bn in the year to March 2021, the highest levels of debt and deficit since the ned of Word War Two.
With tumbling tax receipts and NI contributions contributing towards public sector debt, borrowing rose by another £28 Bn in March 2021. These figures now represent 14.5% of GDP, again the highest levels since 1946 when they reached 15.2% of GDP. Parallel to this the deficit has risen by £57 Bn since March 2020.
This now leaves public sector debt at a staggering £2,141.7 billion, equivalent to 97.7% of GDP, which is the biggest proportion of debt to GDP since the early 1960s.
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