UK borrows another £14bn in May despite rising tax burden – as interest on £2.4TRILLION debt mountain hits £7.6bn a MONTH
The government borrowed another £14billion in May despite the rising tax burden, as inflation sent interest payments soaring.
The costs of servicing the near-£2.4trillion debt mountain surged to £7.6billion, a record for the month.
That helped offset the increase in income for the government from higher taxes.
Chancellor Rishi Sunak insisted the grim figures underlined the need to be ‘responsible with the public finances’ – as unions clamour for huge pay rises to deal with the surging cost of living.
There are worrying signs that the economy is on the verge of slipping into recession as the Ukraine crisis and Covid…