Inflation Pushes UK Government Interest Costs To Highest Record

Jun 24, 2022 · 1m 3s
Inflation Pushes UK Government Interest Costs To Highest Record
Description

Surging inflation led interest payments on government debt to hit the highest amount for May on record. Interest payments paid by the government for last month hit £7.6bn, up £3.1bn...

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Surging inflation led interest payments on government debt to hit the highest amount for May on record.
Interest payments paid by the government for last month hit £7.6bn, up £3.1bn from a year earlier.
Government borrowing fell in May from a year earlier but still remained higher than pre-Covid levels.
The Office for National Statistics says borrowing was £14bn, down £4bn from a year earlier however the figure was still the third-highest May borrowing since monthly records began in 1993 and were also £3.7bn more than the Office for Budget Responsibility had to forecast.
The recent high levels of debt interest payments are largely a result of higher inflation.
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Author Africa Business Radio
Organization Africa Business Radio
Website -
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