UK debt exceeds GDP for first time in 57 years

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 ...