🔴 Government borrowing soared to £27.4bn last month, according to official figures
January 24, 2023 7:44 am
Government borrowing soared to £27.4bn last month, jumping by £16.7bn against the same month a year earlier due to £7bn in costs from energy support schemes and soaring interest payments on debt, according to official figures.It said the Government spent an estimated £5bn on its energy price guarantee support scheme for households and businesses last month, with a further £1.9bn paid out for energy support payments.
Interest payments on government debt jumped to £17.3bn in December – the highest December on record – as a result of sky-high inflation. Chancellor Jeremy Hunt said: “Right now we are helping millions of families with the cost of living, but we must also ensure that our level of debt is fair for future generations.
“We have already taken some tough decisions to get debt falling, and it is vital that we stick to this plan so we can halve inflation this year and get growth going again – creating better paid jobs across the country.”
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