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.