UK Public Sector Debt Tops Forecast By $3.5Bln

The UK public sector net borrowing between April and July 2022 exceeded the official forecast by $3.5 billion to stand at almost $65 billion, the Office for National Statistics said Friday

MOSCOW (UrduPoint News / Sputnik - 19th August, 2022) The UK public sector net borrowing between April and July 2022 exceeded the official forecast by $3.5 billion to stand at almost $65 billion, the Office for National Statistics said Friday.

"Borrowing in the financial year to July 2022 was 3.0 billion ($3.5 billion) more than the 52.0 billion ($61.

4 billion) forecast by the Office for Budget Responsibility (OBR)," the ONS said in a statement.

In April 2022, public sector net debt was 2.348 trillion pounds, or around 95.7% of gross domestic product. It stood at 2,388 trillion at the end of June 2022, or around 96.1% of GDP.

The ONS attributed the rising debt load to the surging costs of servicing central government debt, brought about by higher inflation. The interest payable on government debt was 5.8 billion Pounds in July, up 63% compared to July 2021.