The UK’s debt burden approached 100 per cent of GDP last month, highlighting the challenges facing the next government after both the Conservatives and Labor promised to reduce debt.
Official figures showed that borrowing last May raised the debt ratio from 98.1 percent to 99.8 percent of GDP, the highest level since equivalent records began in 1993.
The next government faces a constrained fiscal picture and will need £30 billion in savings or higher taxes to stabilize public debt over the next decade, according to the International Monetary Fund. The Conservatives and Labor have promised to commit to a fiscal rule to reduce the debt-to-GDP ratio within the next five years.
“Given that current taxes and spending