Public sector net debt is currently 98.5% of gross domestic product – its highest level in more than 50 years. Sky news said
Despite a cut in public sector borrowing, interest costs soared to £7.6bn in May, far above the £5.1bn predicted by the Office for Budget Responsibility (OBR).
The debt interest payments were the third-highest ever made by the UK government, and the highest payment made in May, according to the Office for National Statistics.
Government borrowing dropped last month to £14bn compared to £18bn a year earlier, while pandemic-related restrictions were still in place.