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Daily Record
Daily Record
Politics
Peter Davidson

Rishi Sunak blamed for wasting £11bn of taxpayer cash servicing government debt

​​Rishi Sunak Jagjit Chadha FT Bank of England John Glen

Rishi Sunak has been accused of wasting £11 billion of taxpayers' money by paying too much interest servicing Government debt.

The National Institute of Economic and Social Research (NIESR) said on Thursday evening that the losses were the result of the Chancellor's failure to insure against interest rate rises on £900 billion of reserves created through the quantitative easing (QE) programme.

The losses were said to exceed the amount that the Conservatives have accused Labour former chancellor Gordon Brown of losing when he sold some of the UK's gold reserves at rock-bottom prices.

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