Britain’s public debt exceeded 100 percent of its gross domestic product (GDP) in May for the first time since 1961.
The country’s net public debt reached £20bn in May, up £10.7bn from the same month last year, according to data from the UK’s Office for National Statistics (ONS).
This figure was the second highest May borrowing since 1993, when the relevant monthly records began to be kept.
The said increase was mainly due to energy support programs and social security benefits.
The total public debt reached £2.6 trillion by the end of May, corresponding to 100.1 percent of GDP.
The ONS reported that net public debt has risen above 100 percent of GDP for the first time since March 1961.
Public debt excluding the Bank of England was calculated at £2.3 trillion.
British Finance Minister Jeremy Hunt, in his assessment on the subject, stated that the government made difficult but necessary decisions to balance the books in order to grow the economy and reduce debt.