UK Vows to Drive Down Debt as Interest Bill Pushes Government Borrowing to £20 Billion
The UK government has vowed to do “whatever is necessary” to drive down debt after its rising debt interest payment pushed public sector borrowing to £20 billion ($22 billion) last month.
According to the latest data from the Office for National Statistics (ONS), the UK’s public sector net borrowing was £20 billion in September 2022, which was £2.2 billion more than in the same month of last year.
This is the second-highest September borrowing figure since monthly records began in 1993, the ONS said. The only instance borrowing was higher was in September 2020 at the height of the COVID-19 pandemic.
Commenting on the latest figures, Chancellor of the Exchequer Jeremy Hunt said: “Strong public finances are the foundation of a strong economy. To stabilise markets, I’ve been clear that protecting our public finances means difficult decisions lie ahead….