... What most people don't realise is how long it is before much of UK government debt has to be repaid. Debt (public sector net debt excluding public sector banks, PSND ex) at the end of May 2020 was 100.9% of gross domestic product (GDP), the first time that debt as a percentage of GDP has exceeded 100% since the financial year ending March 1963. This is the age profile: You can't make a debt crisis out of debt that is, on average, that old in anything like a hurry. Rolling coverage of the latest economic and financial news, as the Covid-19 pandemic drives UK government debt to record highs. Main points. UK government debt and deficit: March 2020 Bulletin | Released 17 July 2020 Quarterly estimates of UK government deficit and debt, given to the European Commission (EC) under the excessive deficit procedure protocol, as part of the Maastricht Treaty. This Christmas is a time to give families burdened by debt a fresh start and a more hopeful future.” The letter came at the same time as a video, broadcast last weekend by BBC News and showing desperate and starving people in Burnley, Lancashire, went viral. New research revealed that 51 per cent of adults in the UK got into debt in 2020 and 25.5 per cent of the debt was directly caused by the pandemic. The leaders write: “Our ambition must go beyond delay or avoidance of eviction. There is over £1.95 trillion public sector debt in the UK (May 2020). At £2.08 trillion, the total debt pile is so large it is difficult to comprehend – more than the UK’s economic output for a year Ben Chapman @b_c_chapman Friday 20 November 2020 21:29 As the UK economy shrinks even keeping the national debt steady will mean that debt as a pertentage of GDP will rise. UK consumers clear £3.8bn of debt while business loans soar since Covid-19 crisis Published: 1 May 2020 Global investors clamour for safe haven in UK government bonds In a recession tax revenues fall, and we know that the government had planned to have a deficit from april 2020 anyway. £31,798 average debt per adult in the UK (August 2020). 1. This is equal to 100% of gross domestic product (GDP) – the first time that debt as a percentage of GDP has exceeded 100% since the financial year ending March 1963. ukpublicspending.co.uk has now updated its spending tables using data from PESA 2020. ... August 21, 2020 Bill McBride (@calculatedrisk) So people need to calm down about that issue. PESA 2020 Update On July 17, 2020, HM Treasury published its Public Expenditure Statistical Analyses (PESA) for 2020. ukpublicspending.co.uk uses the PESA tables of public spending at the "sub-function" level as its major data source for UK public spending. Debt news – 13 December 2020 My picks of last week’s news are Klarna plans to tell credit agencies if repayments fail and, for people interested in debt policy, the Consumer Bankruptcy Reform Act of 2020 being proposed in the USA. Posted on May 15 2020.