This is due to increased borrowing in May, which is the highest in more than 60 years, and higher spending on benefits, energy schemes, and staffing costs.
The government's independent finance analysts, the Office of Budget Responsibility (OBR), also predicted higher borrowing than actual borrowing in May, and higher interest rates on borrowing and one-off payments to NHS staff have increased spending.
However, higher inflation and wage growth could result in higher tax receipts.
Chancellor Jeremy Hunt acknowledged the need to balance the books, but emphasized the importance of halving inflation, growing the economy, and reducing debt.
LONDON DAILY ARCHIVE
UK National Debt Reaches 100% of GDP: Government Borrowing and Spending Contribute to Highest Level in Over 60 Years
The national debt in the UK has reached 100% of GDP, according to official figures from the Office for National Statistics (ONS), which is a key priority of Prime Minister Rishi Sunak's government.
21 June 2023 · 19:29 UTC
