UK’s Public Debt Goes Over $2.6 Trillion Amid COVID-19 Crisis - Tasnim News Agency

The UK government deficit is on course to hit a peacetime record in 2020-21 as the country continues to battle against the economic effects of the coronavirus pandemic.

UK’s public sector debt has reached £2.08 trillion ($2.6 trillion) at the end of October, a level not seen since in the last 60 years, as a result of government borrowing to cope with the impact of the COVID-19 pandemic, the Office for National Statistics (ONS) said on Friday.

"Public sector net debt excluding public sector banks (PSND ex) rose by £276.3 billion [$366,4 billion] in the first seven months of the financial year to reach £2,076.8 billion at the end of October 2020, or around 100.8% of gross domestic product (GDP)", the official report said.

According to the ONS, debt to GDP ratios in recent months have reached levels last seen in the early 1960s, as the Government has invested billions of pounds in supporting the economy through the pandemic.