Interest on government debt hits record for January

Government bond yields hit £6.7 billion in January, the highest for the month since records began in 1997.

The Office for National Statistics said the recent surge in debt repayments was “mainly” due to inflation.

But while the cost of servicing debt rose, the government spent less than it took in taxes in January, resulting in a £5.4 billion surplus.

The figures on public sector finances will come when the government presents its budget next month.