The UK government debt rose to over £2 trillion in July, a two with 12 zeros, according to official dates published on Friday.
Like other governments, the UK Government has opened the floodgates to minimise the economic damage caused by the coronavirus. Tax revenues also fell sharply.
The net debt, excluding state banks, rose to just over £2 trillion last month. That’s nearly £ 230 billion more debt than a year earlier. The total amount is more than the total United Kingdom gross domestic product (GDP).
“Today’s figures are a clear signal that we need to put public finances back in order at the right time. That will go hand in hand with making difficult decisions,” says the Finance minister Rishi Sunak.