Debt interest payments by the Government soared in May as inflation’s surge hit the public finances.
The overall debt interest cost of £7.6 billion was the third highest in any single month and the highest ever for May as an RPI uplift on index-linked gilts contributed £5 billion.
The Office for National Statistics said public sector borrowing stood at £14 billion, the third-highest May borrowing since monthly records began in 1993. This compared with City forecasts of £12 billion.
