Inflation pushes debt interest payments to new record

Soaring inflation led interest payments on UK government debt to hit a new record in August. Interest payments reached £8.2bn during the month, £1.5bn more than last year and the highest since monthly records began in 1997, the Office for National Statistics said. The high interest payments come as the government borrows billions of pounds to help households with energy bills. The ONS said the government had borrowed £11.8bn in August, £2.6bn less than August 2021, but £6.5bn more than before the pandemic two years ago. The recent high levels of debt interest payments are largely a result of higher inflation, the ONS said.

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