UK debt now exceeds GDP – Inside Britain's finances after Rishi Sunak 'high tax' budget

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He said: “I understand people are concerned about inflation — but they have a government here ready and willing to act.”

In comparison with other countries, ONS data does show however that the UK is 12.3 percentage points above the EU average on this measure.

This means the UK is in a better position than Cyprus, Belgium, France, Spain, Portugal, Italy and Greece – the latter still struggling with debt at 207.2 percent of its GDP.

Walid Koudmani, market analyst at financial brokerage XTB , told Express.co.uk: “During the budget announcement Chancellor Sunak indicated he was optimistic on unemployment and stated that GDP growth has been revised positively by the OBR from four percent to 6.5 percent while warning that inflation could persist at a rate of over 4 percent.



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