Debt would be 91.9% of GDP this year, rising to 97.5% in 2025-26, he said. In comparison, government debt in the eurozone stood at 95.1% of GDP in the second quarter of 2020, according to Eurostat, the EU statistics agency.
The OBR said that if the UK trades with the EU under World Trade Organization (WTO) terms, as would happen should no trade deal be reached by the end of the transition period on December 31, the effect would "reduce real GDP by a further 2% in 2021". Bottom line, the economic picture for Britain looks quite bleak.
UK economy to suffer 'largest fall in output for 300 years' as GDP down 11.3% in 2020, says Sunak | Euronews
