UK Public Debt Hits Highest Level since 1961

The UK's public sector net debt reaches 99.8% of GDP in May, the highest level since 1961, despite lower government borrowing than forecasts. Prime Minister Rishi Sunak has vowed to reduce the debt, with both Conservative and Labour parties aiming to lower the debt-to-GDP ratio in the next five years.

UK Public Debt Reaches Highest Level Since 1961

The UK's public sector net debt hit 99.8% of the country's GDP in May, marking the highest level since 1961, according to the Office for National Statistics (ONS). Despite government borrowing being lower than forecasts, borrowing for the month stood at £15 billion, up by £0.8 billion from the same period last year. Prime Minister Rishi Sunak acknowledged the challenge, having pledged earlier this year to reduce the country's debt. Both the Conservative and Labour parties have committed to lowering the debt-to-GDP ratio over the next five years.

France's Election Sees Macron's Alliance Gaining Ground

Ahead of France's snap parliamentary election set for June 30, opinion polls show President Emmanuel Macron’s centrist alliance is making gains. A survey by IFOP places the alliance at 22%, up from 18% earlier this month. The far-right Rassemblement National (RN) leads with 34% in most polls, while the leftwing Nouveau Front Populaire (NFP) trails at 29%. Projections suggest the election may result in a hung parliament, leading to potential political gridlock.