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United Kingdom: Public debt from 1946 to 2020

United Kingdom: Public debt from 1946 to 2020

London | Public sector debt in the UK for the fiscal year ended March was $ 303.1 billion, a record since the end of World War II, which led to massive government aid to mitigate the shock of the epidemic.

This represents 14.5% of GDP, the highest share since March 1946, when it rose to 15.2%.

The National Statistics Office (ONS) said on Friday that this was 24 246 billion more than a year earlier, but 24.3 billion less than the general budget forecasting system OPR had predicted.

In addition, the British government’s tax revenue reached $ 523.6 billion for the year ended March, $ 34.2 billion less than the previous year.

The UK is one of the countries hardest hit by the corona virus infection, with at least 127,327 deaths.

ONS on Friday pointed out that retail sales in March were up 5.4% compared to the previous month, especially thanks to the purchase of clothing in the wake of the deregulation.

In February, retail sales had already risen 2.1% since the fall in January as the country returned to tight control at the end of December.

Schools reopened on March 8, after which permission was granted to meet outside the river at the end of last month, and then reopen on April 12 for non-essential businesses and outdoor restaurants or bars. It is necessary to wait until at least the end of June to raise the restrictions altogether.

“A sector with declining sales due to the epidemic,” although significant, clothing sales accounted for 41.5% less than in February 2020. “Before the full shock,” there was a 17.5% monthly growth in clothing.

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Nurseries and florists were among the sectors that saw their sales increase in March, and British interest in horticulture increased further during the months of lockdown.

Finally, ONS notes that fuel sales have rebounded since the lifting of the travel ban.

“After several months at Jax, consumers are looking for new clothes with the possibility of going out again,” commented Susanna Streeter, a researcher at Hargreaves Landstown.

The elderly have also spent a lot on mobile devices, “the vaccination program has given them the confidence to leave their homes,” he adds.