According to the Office for National Statistics (ONS), the UK’s total government debt piled to £18.5 billion ($23.82 billion) in June 2023. Notably, the debt was £400 million in June 2022. The ONS recorded an increase in tax revenues and a significant reduction in interest payments on the national debt compared to June 2022. However, the incoming flows were offset by an increase in benefit payments and other spending. In the first three months of the 2023-24 fiscal year, net borrowing reached £54.4 billion, £12.2 billion more than in the same period last year but £7.5 billion less than analysts had expected. State borrowing increased during the pandemic, and public debt jumped above 100% of GDP, reaching the highest levels since World War II at 100.8% of GDP. Meanwhile, Treasury Secretary Jeremy Hunt and Prime Minister Rishi Sunak oppose any tax cuts suggested by Conservative Party lawmakers ahead of the general election in 2024.
