The UK’s debt burden approached 100 per cent of GDP last month, underscoring the challenges for the next government after the Conservatives and Labour have both promised to reduce debt.
Official figures showed that borrowing in May pushed up the debt ratio from 98.1 per cent to 99.8 per cent of GDP, the highest since equivalent records began in 1993.
The next government faces a difficult fiscal picture and will need to find £30 billion in savings or tax rises to stabilise public debt, according to the International Monetary Fund.
The Tories and Labour have promised to abide by a fiscal rule to reduce the debt-to-GDP ratio within the next five years.
The Office for National Statistics said that higher taxes and lower debt interest