The UK’s net debt is €2.8 trillion

The UK’s net debt, excluding public sector banks, amounted to 2.46 trillion pounds (2.84 trillion euros, at today’s exchange rate) last October, equivalent to 97.5% of gross domestic product, the Office for National Statistics reported on Tuesday. (ONS).

The accumulated figure until the end of last month represents an increase of 148,300 million pounds (171 thousand and 117 million euros), a decrease of 0.5 percentage points from the gross domestic product compared to October 2021, according to the organization.

The country’s net indebtedness amounted to 84.4 billion pounds (97.4 billion euros), excluding banks, which are still partly owned by the public sector since the 2008 credit crisis. In the first seven months of this fiscal year that began last April.

This is 21.7 billion pounds (25 billion euros) less than the same period in the previous year But 35.6 billion pounds (41 billion euros) more than in 2019, before the pandemic, and represents the fifth largest debt in that period since records began in 1993, according to the Office for National Statistics.

last ThursdayBritain’s Conservative government has presented a fiscal consolidation plan with tax increases and public spending cuts of £55 billion (about 63 billion euros) in five years, in order to reduce the deficit and net debt.

The plan, which was criticized by the business sector for lacking measures for growth, aims to instill confidence in the financial markets, after the chaos caused by the former “conservative” CEO, and to address the increase in inflation, in the context of recession.

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