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UK aims to sell GBP 275bn of debt in 5M

UK aims to sell GBP 275bn of debt in 5M

Mubasher: The UK is looking to raise a record GBP 275 billion ($340 billion) of government debt from April until the end of August to finance its response to the coronavirus (COVID-19) crisis, Reuters reported on Monday.

The figure is a GBP 50 billion increase from the Debt Management Office’s previous estimate for the April-July period.

The GBP 275 billion planned to be raised in the first five months of financial year 2020/2021 represents more than the double amount of the UK’s total borrowing in the last financial year which stood at GBP 136.8 billion.  

Since the beginning of April, the country has already raised over GBP 181 billion in bond sales.

Britain's budget deficit might record about GBP 300 billion this financial year due to a hike in emergency public spending and a decrease in tax revenues, according to the country’s fiscal watchdog.