© Reuters. British Chancellor of the Exchequer Jeremy Hunt leaves 11 Downing Street with his ministerial box before delivering his Budget in the Houses of Parliament, in London, Britain March 6, 2024. Stefan Rousseau/Pool via REUTERS/File Photo
LONDON (Reuters) – Britain faces a very difficult task to reverse the surge in public debt that took place during the COVID-19 pandemic, finance minister Jeremy Hunt said on Wednesday.
“I think it’s going to be a long and difficult journey, but I think it’s right that we try,” Hunt told parliament’s Treasury Committee during a hearing into last week’s annual budget.
Last week Britain’s Office for Budget Responsibility forecast that Hunt’s plans would lead to underlying public debt rising to 93.2% of gross domestic product in 2027/28 from 88.8% or 2.45 trillion pounds ($3.14 trillion) currently, before dropping to 92.9% in 2028/29.
Public debt, excluding public sector banks and the Bank of England, was 72.3% in the last full financial year before the start of the pandemic.
($1 = 0.7811 pounds)
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