UK debt reached €2.99 billion in August

UK debt reached €2.99 billion in August

Hey The Office for National Statistics (ONS) highlighted that net debt, excluding public sector banks, was 2.3 percentage points higher than a year ago.

The ONS also reported that net public sector debt, excluding banks that remain partly in state hands since the 2008 credit crisis, stood at £11.6 billion (€13.4 billion).) in August, an increase of £3.5 billion (€4.05 billion). ) about a year ago.

Most analysts expected debt to reach 11.1 billion pounds (12.8 billion euros).

The government’s net debt was higher than analysts expected last month and the fourth highest level for August since data collection began, according to the data released.

“These figures show that after helping families during the pandemic, we now have to balance the books,” the Finance Minister said.

“It’s easier when inflation is under control, as higher inflation leads to higher interest rates,” Jeremy Hunt added. Therefore, he said it was necessary to “continue with the plan to bring it down.”

The Bank of England is expected to decide today whether to raise interest rates by a quarter point to 5.5% to control inflation, which stands at 6.7%.

Read also: UK annual inflation falls to 6.7% in August

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About the Author: Camelia Kirk

"Friendly zombie guru. Avid pop culture scholar. Freelance travel geek. Wannabe troublemaker. Coffee specialist."

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