Interest payable on UK central government debt hoovered up £7.7 billion ($9.8 billion) last month alone, hitting a record for July, the Office for National Statistics said Tuesday.
That’s double the share in Italy, whose dependence on inflation-linked debt comes second only to that of the UK among advanced economies, according to Fitch Ratings.
According to Fitch, Britain now spends more to service its debt than any other developed economy, as a percentage of government revenue.
In a statement Tuesday, Hunt said: “As inflation slows, it’s vital that we don’t alter our course and continue to act responsibly with the public finances.
Only by sticking to our plan will we halve inflation, grow the economy and reduce debt.”
Persons:
That’s, ”, Ellie Henderson, Fitch, ” Ruth Gregory, Jeremy Hunt “, Gregory, Hunt
Organizations:
London CNN, National Statistics, United, Fitch, “, Investec, AAA, Capital Economics, CNN, Conservative
Locations:
Ukraine, United States, Italy, Fitch, Britain, London