Thursday, June 18, 2009
This can’t go on indefinately.
UK public sector borrowing was the highest on record in May, the Office for National Statistics said. Public sector net borrowing was Â£19.9bn in May, and has already reached Â£30bn in the first two months of the financial year. This is double the level of one year ago, and even higher than the Â£19bn borrowed in March. The total outstanding government debt has risen to Â£774.8bn, Â£150bn more than one year ago, equal to 54.7% of UK GDP.