UK public debt exceeds output for the first time in 62 years
The national debt of Britain for the first time in 62 years has exceeded production figures. Spiegel Wirtschaft reports about it.
The ratio of debt to gross domestic product (GDP) shows the ratio of public debt to output. If GDP rises, it leads to a lower debt ratio while debt levels remain constant. In the UK government debt exceeded output for the first time in 62 years.
The London Statistics Office (LSO) claims that Britain’s net public debt was 100.1% of GDP. To date the circular mark of 100% of GDP has been crossed. In absolute terms London’s debt was £2.567 trillion, roughly equivalent to €3 trillion.
The UK economy is in crisis and will remain there even if the value of 100% of GDP is reduced. The UK is still on the verge of recession. However, household incomes have fallen sharply recently and inflation also continues to cause great problems for its citizens.
The London Statistics Office notes that prices of consumer goods in the country have not fallen. Economists had expected a fall to 8.4% but the cost of living in Britain rose by 0.7% compared to the previous month, exceeding all expectations.
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UK public debt exceeds output for the first time in 62 years