Inflation Pushes Public Debt Interest to New November Record

The UK has spent £7.7 billion on servicing central government debt in November, the highest for the month on record, according to official data published on Thursday. The Office for National Statistics (ONS) showed that £3 billion of the bill was for additional interest on index-linked gilts that was largely driven by the 0.5 percent increase in Retail Prices Index (RPI) inflation between August and September. The cost of debt servicing has ballooned since 2021 with soaring inflation and climbing base interest rates, hitting a record £20 billion in June 2022. The latest figure is the 16th highest in all months and the highest November figure since monthly records began in 1997....