Taxpayers' Alliance estimates Government borrowing has passed the historic milestone as debt servicing costs continue to climb
Britain's national debt has topped £3trillion for the first time, according to estimates from the Taxpayers' Alliance.
The campaign group believes the historic milestone was crossed in recent days based on the current trajectory of Government spending.
The total equates to more than £100,000 for every household in the UK and represents around 95 per cent of GDP.
At the end of June, the Office for National Statistics recorded public sector net debt at £2.99trillion.
Although official July figures have not yet been published, public sector net debt increased by more than £20billion during the same month last year, which would be enough to push the total beyond the £3trillion mark.
The Office for Budget Responsibility (OBR) had forecast in March that debt would not exceed £3trillion until September.
The Government borrowed £2.7billion more than forecast during the opening three months of the financial year, driven by higher debt interest payments and a growing welfare bill.
According to the Taxpayers' Alliance, Labour is adding to the national debt at a rate of £4,270 every second, equivalent to £369million each day.
The cost of servicing the national debt is projected to exceed £130billion this year.
OBR forecasts also suggest annual debt interest costs will rise above £160billion by the end of the decade.
For Chancellor John Healey, who has pledged to prioritise fiscal discipline, the figures underline the scale of the challenge facing the Government.
The OBR projects total public debt will approach £3.5trillion by 2030-31.
John O'Connell, chief executive of the Taxpayers' Alliance, described the national debt as "out of control".
He said: "If Andy Burnham is serious about ushering in a new economic model, he should do it without creating a bigger bill for our children and grandchildren to pay off."
Sir Mel said: "They keep tapping the nation's credit card while the bailiffs are at the door. It is ordinary families, their children and grandchildren, who are left to cover the bill."
Reform UK deputy leader Robert Jenrick said responsibility extended beyond the current Government.
Mr Jenrick said: "Successive Tory and Labour chancellors have maxed out the nation's credit card. Thanks to their mismanagement, we now spend more money servicing our debt than on education and defence combined."
Ruth Curtice, a former Treasury official who now leads the Resolution Foundation, has previously warned the public finances are on a "deeply unsustainable path".
Britain's national debt reached £1trillion in February 2010 after more than three centuries.
The total doubled to £2trillion in June 2020, driven by borrowing during the coronavirus pandemic.
The latest £1trillion has accumulated in just six years, with borrowing increasing alongside energy support measures and rising welfare costs.
Prime Minister Andy Burnham has committed to maintaining Rachel Reeves's fiscal rules, which require debt as a share of GDP to be falling within three years.
However, he has also indicated he wants to make use of "flexibility" within those rules, with reports suggesting the Government is considering up to £9billion in additional annual borrowing for infrastructure and housing investment.
A Treasury spokesman said: "Fiscal discipline is the bedrock of economic stability and national security. The Chancellor and Prime Minister are in lockstep that the Government will meet the fiscal rules and that includes getting debt down."
