UK budget office sees debt above 106% of GDP this year

FILE PHOTO: People walk in an office in the financial centre of Canary Wharf in London, Britain March 6, 2020. REUTERS/Kevin Coombs/File Photo

LONDON (Reuters) - Britain’s official budget forecasters raised their estimate for the size of the country’s public debt pile at the end of the current financial year, after data showed earlier on Friday that it had passed 100% of annual economic output for the first time.

The Office for Budget Responsibility said it now expected public sector net debt to increase to 106.4% of gross domestic product, up from a forecast of 104.1% in the central scenario of projections the OBR published last month.

Reporting by William Schomberg, editing by David Milliken