The Office for National Statistics has recently published a report revealing a record UK government debt equivalent to 99.2% of GDP. Borrowing is so huge that poses risks of a default in the country. Although the United Kingdom miraculously escaped a recession, its national debt has hit a record £2.54 trillion, the Office for National Statistics reported. The country’s public debt reached an impressive 99.2% of GDP for the first time since 1962 when figures were at 99.4%. Last month, public net borrowing in the United Kingdom, excluding state-owned banks, amounted to £25.6 billion, up by £11.9 billion from a year ago. That was the second-highest April reading since 1993. Economists had expected borrowing to hit £19.75 billion, according to a Reuters poll.
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