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U.K. Government Debt Tops 100% of GDP for First Time Since 1963
LONDON (Capital Markets in Africa) — U.K. government debt rose above 100% of the gross domestic product in May for the first time since 1963, reflecting a precipitous drop in economic output and a surge in spending to counter the fallout from the coronavirus pandemic. Borrowing increased by more than 100 billion pounds ($124 billion) in the two months to May, as tax revenue plunged and the government deployed a massive support package to save jobs…
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