Government debt continues to balloon as Rishi Sunak promises stability
Government debt ballooned in the second quarter of this year, making up 101.9 per cent of gross domestic product (GDP).
New figures released by the ONS show that gross debt was £2,436.7bn between April and June in the UK.
At 101.9 per cent of GDP, this puts the UK 15.5 percentage points above the EU average, with Greece and Italy ahead of it.
UK general government deficit, which measures the gap between total revenue and total spending, was £43.9bn in the quarter, equivalent to 7.2 per cent of GDP.
At 7.2 per cent of GDP, UK general government gross deficit was 5.7 percentage points higher than the EU average, with only Spain ahead of it.
Rishi Sunak has already laid out his ambitions to bring down government debt.
In his first speech as Prime Minister this week he said: “The government I lead will not leave the next generation, your children and grandchildren, with a debt to settle that we were too weak to pay ourselves.
I will unite our country, not with words, but with action. I will work day in and day out to deliver for you.”
Sunak and Chancellor Jeremy Hunt delayed the medium-term fiscal plan from 31 October to November.
It will set out a five-year programme to bring the UK’s debt under control.