UK's public debt equalizes with GDP

By Gokhan Ergocun

ISTANBUL (AA) – The UK's public debt was up by £13.7 billion (approximately $18.24 billion) in August and reached 100% of the country's GDP.

According to a press release issued by the Office for National Statistics (Ons), the public sector net debt, excluding public sector banks, was £2.77 trillion in August.

Excluding the Bank of England, debt was 92% of GDP, five percentage points more than at the end of August 2023 but eight percentage points lower than the wider debt measure.

"Public sector net worth excluding public sector banks was in deficit by £727.6 billion at the end of August 2024, a £119.8 billion larger deficit than at the end of August 2023," the Ons said.

It added: "Central government net cash requirement (excluding UK Asset Resolution Ltd and Network Rail) was £11.0 billion in August 2024, £4.9 billion more than in August 2023.”