Home » Business » Inflation pushes debt interest payments to new record
Business

Inflation pushes debt interest payments to new record

Rising inflation caused interest payments on UK government bonds to hit a new record in August.

Interest payments reached £8.2 billion during the month, £1.5 billion more than a year earlier and the highest since monthly records began in 1997, the Office for National Statistics said.

The high interest payments come as the government borrows billions of pounds to help households with energy bills.

It will also reportedly announce £30bn in tax cuts in a mini-budget on Friday.

The Office for National Statistics (ONS) said the government borrowed £11.8 billion in August, down £2.6 billion from August 2021.

Add Comment

Click here to post a comment