UK debt is bigger than economy for first time since 1963

Government borrowed a record 55bn in May on back of coronavirus crisis

• Rise in UK retail spending should come with note of caution
• Coronavirus - latest updates
• See all our coronavirus coverage

Britain's public debt is larger than the size of the country's economy for the first time since 1963, after the government borrowed a record 55bn in May.

The total level of debt has risen by 173bn over the last year to reach 1.95tn, or 100.9% of GDP, as ministers introduced unprecedented support for businesses and households during the coronavirus crisis.

Related: UK borrowing hits record 55bn in May; retail sales rebound -business live