Britain’s debt hits 100pc of economic output

LONDON: British government debt hit 100 per cent of economic output for the first time in recent history and there was another large budget deficit last month, adding to the problems for Finance Minister Rachel Reeves as she readies her tax and spending plans.

Public sector net debt, excluding public sector-owned banks, rose to 100 per cent of GDP for the first time since monthly records began in 1993, up from 99.3 per cent in July, the Office for National Statistics said on Friday.