UK debt exceeds GDP for first time in 57 years

£87bn up on last year

clock • 1 min read

The UK’s borrowing reached £103.2bn over the months of April and May - £87bn more than during the same period last year – according to figures released by the Office for National Statistics (ONS) today.

Government borrowing in May alone - excluding public sector banks - reached £55.2bn as a result of unprecedented fiscal stimulus triggered by the coronavirus crisis, while tax receipts fell by 28.4% compared to the same period last year to £40.7bn as businesses remained bruised by the crisis. Government spending in May - which included £10.5bn on furloughed workers and £6.8bn to self-employed workers - reached £91.6bn, which is 50% more than over the same period last year. Overall, debt at the end of May stood at 100.9% of GDP - the first time debt has exceeded growth in the UK since 1963...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

The paradox of invisible value: How to ensure clients recognise the power of advice in volatile times

The paradox of invisible value: How to ensure clients recognise the power of advice in volatile times

'Investing is not just a technical exercise; it’s an emotional one'

Kate Rainbow
clock 03 August 2026 • 4 min read
The Platforms Association acquires the UK Platform Awards

The Platforms Association acquires the UK Platform Awards

Clive Waller hands over the awards programme

Isabel Baxter
clock 30 July 2026 • 2 min read
FCA bereavement survey sent to just 12 firms – 'A very small dip in the ocean'

FCA bereavement survey sent to just 12 firms – 'A very small dip in the ocean'

Covers advisers, platforms and wealth managers

Sophia Panayi
clock 30 July 2026 • 3 min read