Debt costs push UK borrowing higher than expected

The UK government borrowed more than expected last month, with inflation pushing up interest payments on debt partly to blame.

Chancellor Jeremy Hunt said it was "right we borrowed billions to protect families and businesses against the impacts of the pandemic and Putin's energy crisis". "We've taken difficult but necessary decisions to balance the nation's books, and if we stick to our plan and get our economy growing, then debt is set to fall."come the day before the release of monthly inflation figures which are expected to show the rate falling below 10% for the first time since last July.How does government borrowing work?

The increase largely reflects the increase in interest payable on UK bonds, which are financial products that the government sells to international investors to raise the money it needs.

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