UK’s national debt is now at highest level since 1962 – worth 99.5% of the value of economy
THE national debt is at its highest level since 1962, according to official figures.
It is now worth 99.5 per cent of the value of the economy, underlining the challenge facing the new Chancellor.
Gora Suri, economist at PWC, said: “The new government has a tricky task on its hands.
“The latest figures reveal that the UK’s debt at the end of June 2024 was very close to the annual value of everything produced in the economy.”
Office for National Statistics figures show public sector borrowing is at £14.5billion, the lowest level in June for five years but £3billion more than economists had been expecting.
Rachel Reeves is expected to reveal the date of her early autumn Budget statement next week.
Darren Jones, chief secretary to the Treasury, said: “Today’s figures are a clear reminder this government has inherited the worst economic circumstances since the Second World War, but we’re wasting no time to fix it.”
Phone bills put on hold
TELECOMS companies have been banned from hiking prices in the middle of contracts by the regulator.
Customers were outraged by phone bills soaring by as much as 18 per cent after firms added 3.9 per cent to the rate of inflation last year.
Ofcom ruled that firms would have to be clear when changes to prices would occur and be upfront about rises in “pounds and pence”.
Netflix & frills
BRIDGERTON has topped Netflix’s most-watched list — as the streamer also sees its password clampdown pay off.
The period drama netted 172million views. Baby Reindeer got 88.4million.
Netflix banned subscribers sharing passwords with pals last year and has since gained 8million extra viewers at 277million.
GOOD WEEK… SOUTHERN WATER boss Lawrence Gosden, who bagged a £183,000 bonus despite attempting to hike bills by 73 per cent.
BAD WEEK… JONATHAN Akeroyd, CEO of BURBERRY, who was booted out after a sales slump led to a new profit warning.