British government debt rose to the highest level in almost 60 years last month and retail sales slumped, underscoring the scale of the economic challenges facing whoever replaces Prime Minister Liz Truss after her administration imploded under the weight of its failed financial plan.
Public borrowing rose to 98 per cent of economic output in September as rampant inflation increased interest payments on what the government owed, the Office for National Statistics said Friday. That’s higher than at any point since 1963, when Britain was still paying off debts accumulated during World War II.
Deepening the sense of gloom were figures showing that retail sales fell for a second straight month and are now 1.3 per cent below pre-pandemic levels.
“Today’s weaker-than-expected public borrowing figures… are a reminder that amidst the current political turmoil, the tough task facing the government of demonstrating its fiscal credibility lie immediately ahead, rather than behind,”…