UK national debt surpasses 3 trillion

The UK national debt has surpassed £3 trillion for the first time, as the government borrowed more than expected during the first half of the fiscal year, with the deficit rising to £97.8 billion between April and September. Borrowing alone in September reached £24.5 billion, exceeding forecasts, as the Treasury seeks to strike a balance between supporting households and controlling borrowing. The International Monetary Fund praised the UK’s efforts to manage its debt, projecting the deficit to decrease to 1.4% of GDP by 2031, despite public debt currently amounting to 94% of GDP — the highest level since the 1960s — with an annual cost exceeding £110 billion.

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