Economic Report: U.K. debt-to-GDP reaches highest level since 1961

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Britain’s Chancellor of the Exchequer Rishi Sunak talks with staff as he visits a Jobcentre Plus in Barking, east London on July 16, 2020.

anthony upton/Agence France-Presse/Getty Images

Britain has racked up debt as its economy has cratered, sending its debt-to-GDP ratio to the highest level since 1961, according to data released Tuesday.

The country’s debt-to-GDP ratio reached 99.6%,  an increase of 18.9 percentage points compared with the same point last year, the ONS said.

Debt at the end of June was £1.94 trillion, which is £195.5 billion more than at the same point last year.

In June, central government receipts fell 16.5% while expenditure rose 24.8%.

The data was released alongside the latest public sector net borrowing figures, which showed a £34.8 billion deficit in June, lower than the £44.7 billion gap in May.

The pound GBPUSD, +0.27% was trading at $1.2699, up from $1.2660 on Monday.

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