The UK's national debt has tripled between 2005 and 2025. The Daily Telegraph, citing an analysis by Oxford Economics, reports that this represents the largest increase in this indicator among all developed economies.
The UK's national debt is £2.9 trillion ($3.8 trillion), or nearly 100% of GDP. The publication notes that this means that the UK spends more than £100 billion ($130 billion) a year on interest payments on the debt. The newspaper highlights that only Spain and the United States have recorded similar rates of growth in public debt over the past 20 years.
Professor Yajit Chadha of the University of Cambridge expressed the opinion that the high level of public debt shows the failure of the British political-economic model. “We now clearly see that the fiscal system has clearly failed and the debt-to-GDP ratio has not reached a sustainable path“, he said.