UK National Debt Breaches 100% of GDP for First Time Since 1961

UK government debt has risen above 100% of GDP for the first time in 60 years due to high inflation and interest rates, hindering Prime Minister Rishi Sunak’s promise to lower debt and potential tax cuts before the expected general election next year. Spending exceeded revenue by £20 billion in May, nearly double the level of the same period last year; making it challenging for Sunak to deliver potential tax cuts desired by the Conservatives.