Britain's national debt reaches 63-year high

The United Kingdom finds itself in a precarious financial situation as its national debt soars to an alarming level. According to Report, which cites the latest figures released by the Office for National Statistics, the country's debt has reached a staggering £2.74 trillion, equivalent to 99.8% of its Gross Domestic Product (GDP).

This troubling milestone marks the highest debt-to-GDP ratio the nation has seen in the past 63 years. The last time the UK faced a similar situation was back in 1961 when the ratio stood at 99.4%. In comparison, just a year ago in May, the country's debt was at 96.1% of its GDP.

Experts are sounding the alarm bells over the challenges that lie ahead. Michael Stelmach, a senior economist at KPMG's UK division, warns, "The next Chancellor of the Exchequer will inherit a financial Pandora's box. Interest rates are expected to remain high, making debt reduction an arduous task, while spending pressures continue to intensify."