Visitors look out to St. Paul's Cathedral from a rooftop in the City of London, UK, on Thursday, March 2, 2023. LONDON — The U.K. public sector net debt in May exceeded 100% of the nation's GDP for the first time since 1961, the Office for National Statistics said Wednesday. Public sector net debt, excluding that of state-controlled banks, came in at £2.567 trillion ($3.28 trillion), which amounted to 100.1% of GDP. Government borrowing in May totaled £20.045 billion, the ONS revealed, exceeding consensus expectations of £19.5 billion from a Reuters poll of economists. "This will likely drive up spending through increased debt interest payments and inflation-linked benefits and tax credits," Sridhar noted.

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Persons: Divya Sridhar, Sridhar Organizations: City of, LONDON, National Statistics, Public, ONS Locations: St, Paul's, City, City of London