The British state is on course to spend more money this year than ever before – including the height of the pandemic – as cost-of-living support and interest costs kick in 🔴 HugoGye
, but that requires some tough decisions to put our public finances back on a sustainable footing.”
The ONS said that in November, the Government’s spending on interest payments increased by 50 per cent to £7.3bn because of the higher cost of borrowing, while energy bills support schemes cost more than £6bn and cost of living payments for poorer households drove a £3.3bn increase in “social assistance costs”.
But the overall stock of public debt shrank slightly as a proportion of GDP, which is one of the key fiscal rules set by Mr Hunt. The Chancellor has promised to deliver the next Budget on 15 March, along with an updated set of forecasts for the economy, tax receipts and public spending which will show whether his quest to balance the books is bearing fruit or not.
Liberal Democrat Treasury spokeswoman, Sarah Olney, said: “This Conservative Government has put our economy between a rock and a hard place by failing to get inflation under control and pushing the UK’s borrowing costs even higher with their“It’s an outrage that hard-working families will be picking up the tab for their incompetence for years to come.
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