London, August 21 (EFE) – The net debt of the British public sector, excluding banks with state participation, amounted to £2.74 trillion (€3.32 trillion) at the end of July, or 99% of the country’s total gross domestic product, the Office for National Statistics (ONS) reported on Wednesday.
The debt ratio rose by 3.8% from the end of July 2023, according to the Office for National Statistics, which indicated that debt remains at its highest level since the 1960s.
In July, debt stood at £3,100m (€3,627m), up £1,800m (€2,106m) from July last year and the highest debt level for July since 2021.
The data came after the Office for National Statistics reported last week that UK annual inflation was 2.2%, above the Bank of England’s target of 2.0%.
UK Chancellor of the Exchequer Darren Jones told media that today’s figures were “further evidence of the terrible legacy left to us by the previous (Conservative) government”.
“A decade of economic stagnation and public debt at its highest levels since the 1960s, with taxpayer money being wasted on interest payments on debt rather than on our public services,” he added.
“We are taking the tough decisions needed to repair the foundations of our economy, modernise our public services and rebuild the UK so we can put more money into people’s pockets,” Jones said.
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