International

UK debt has reached 2.18 billion euros, over 100% of GDP – Observer

The UK’s accumulated debt reached 2.18 billion euros at the end of August, which corresponds to 101.9% of the country’s gross domestic product (GDP), the UK National Statistics Office said on Friday.

This figure is 269,460 million euros higher than that recorded over the same period in 2019 and reflects the high indebtedness of the United Kingdom in the face of the economic crisis caused by the SARS CoV-2 pandemic.

Britain’s national debt hit £ 2 billion for the first time last July. In August, the UK entered recession for the first time since the 2008 financial crisis.

The British government announced on Thursday the new unemployment support plan, which includes the payment of part of the wages, as part of the health restrictions caused by the “second wave” of Covid-19. UK Economy Minister Rishi Snuak has presented the “Employment Support Program” to Parliament which, from 1 November, will replace what was applied in March and will end in October. The first plan finances up to 80% of the wages of workers prevented from exercising the profession because of the measures imposed by the confinement.

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