Government forced to hand over £7.6bn last month in record interest payment on public debt

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.

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