Inflation Pushes UK Government Interest Costs To Highest Record
Jun 24, 2022 ·
1m 3s
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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.
show less
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 |
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