Pound dips to 37-year low as cost of servicing government debt hits August record
Government borrowing hit £11.8bn last month as interest payments surged higher due to soaring inflation.
Rocketing inflation, currently at a 40-year high, is the is the main reason for the spiralling debt payments. The high interest payments come as the Government prepares to borrow billions of pounds to help households and businesses with energy bills. The ONS figures showed the economic slowdown across the UK did not affect central government receipts, which were up £5.6bn year on year to £69.6bn in August thanks to a £3.9bn rise in tax receipts to £51.4bn.said: “Our priority is to grow the economy and improve living standards for everyone – with strong economic growth and sustainable public finances going hand in hand.
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