Move FM Global News

LONDON, ENGLAND: The UK Office for National Statistics (ONS) said that the country’s level of borrowing was higher than expected, and in May the British public sector’s net debt reached more than 100 percent of gross domestic product (GDP).

Excluding the debts of state-controlled banks, the UK’s public sector net debt reached $3.28 trillion, equivalent to 100.1 percent of GDP for the first time since 1961.

Government borrowing in May was 20.045 billion pounds, the Office for National Statistics said.

A Reuters poll of economists had pointed to public sector net borrowing, excluding state-owned banks, of 19.5 billion euros.