UK Grows Spending On National Debt Interest Payments By £ 22B During The Year
According to Treasury Secretary Jeremy Hunt, interest payments on Britain’s public debt increased by 22 billion pounds in 2022 compared to the same period in the previous year, which is more than the whole Home Office budget.
« Since the start of the year, we have now spent 22 billion pounds more on debt interest than we did during the same time last year. That exceeds the Home Office’s whole budget, » he stated in response to inquiries from the Parliament.
According to Hunt, the UK’s national debt is roughly equal to its GDP.
The UK economy has reportedly entered a recession, which is predicted to extend through 2023 and the first half of 2024, according to prior reports from the Bank of England. On November 17, Hunt will unveil the government’s medium-term financial strategy, which might include tax increases and reductions in expenditure on military to close the budget gap.