The size of the UK’s public debt has surged unexpectedly as rising prices put more strain on government finances than any time since the height of the pandemic.
A sharp rise in the cost of debt interest payments means the Treasury owes £20 billion as of September, new data from the Office for National Statistics shows.
Monthly debt figures are typically compared like-for-like due to natural ebbs and flows throughout the year.Retail sales fell further than expected by 1.4% in volume terms, a firm indication that people are doing less shopping due to cost of living fears. Worsening fears over the government’s ability to service its debt has fuelled much of the financial chaos that helped topple Liz Truss’ short-lived government.
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