Record £8.7bn spent paying interest on soaring government debt last month
Written by Hit Music Radio News on 21/07/2021
Britain spent a record £8.7bn in interest payments on central government debt last month, official figures show.
The figure was £6bn higher than at the same time last year largely because nearly half a trillion pounds worth of government bonds are linked to inflation, which has been rising.
Borrowing overall – the shortfall between government spending and the revenues such as tax – was £22.8bn last month, according to the Office for National Statistics (ONS).
That was £5.5bn lower than in the same month last year but still the second highest level for June on record with impact of the pandemic continuing to squeeze public finances.
Debt climbed to £2.2trn, or 99.7% of GDP – the highest ratio since 1961, the ONS said.
© Sky News 2020