The UK’s debt pile is on course to climb to more than 100 per cent of GDP, according to projections from the International Monetary Fund which warn the government against fiscal largesse.
In its latest biannual fiscal monitor which breaks down debt and deficit levels in the world economy, the IMF said the UK’s net debt pile would steadily rise from 91.9 per cent to 101.2 per cent of GDP by 2028. A measure of the UK’s gross debt-to-GDP ratio will grow from 102.6 per cent to peak at 113 per cent, according to the fund’s calculations.
The rising debt burden will mean Jeremy Hunt, the chancellor, is at risk of not meeting his self-imposed fiscal target to have net borrowing declining as a
