The Newshound

Britain's national debt tops £3 trillion for the first time just a week before Chancellor John Healey's first Budget

Britain's debt interest bill hit £10.9bn in September alone — the highest for that month on record — as John Healey's fiscal headroom looks set to halve to around £12bn.
Britain's debt interest bill hit £10.9bn in September alone — the highest for that month on record — as John Healey's fiscal headroom looks set to halve to around £12bn.
John Healey, whose first Budget falls on 28 October, faces borrowing of £97.8bn in the first half of the year — £6bn above OBR forecasts — and is set to raise taxes on banks.
John Healey, whose first Budget falls on 28 October, faces borrowing of £97.8bn in the first half of the year — £6bn above OBR forecasts — and is set to raise taxes on banks.

Britain's national debt has exceeded £3 trillion for the first time, with September's debt interest bill reaching a record £10.9bn for that month. Borrowing came in at £24.5bn, overshooting the Office for Budget Responsibility's forecast by £1.9bn. The ONS noted that bonds linked to RPI inflation — driven higher by the Iran war — added £4bn to interest costs. Inflation has risen to 3.5%, and the total debt now works out at over £100,000 per household across the country.

Kemi Badenoch told PMQs a 'red warning light' is flashing and urged welfare cuts.

Among the measures anticipated in Healey's 28 October Budget is a rise in taxes on banks.

The debt crossed the £2tn mark only in June 2020, meaning a further trillion was added in just six years.

MoreLBCBritain's debt is now £3 trillion. Here’s why your tax bill could go upEvening StandardGovernment borrowing rises above forecasts to £24.5bn ahead of BudgetLBCBritain’s national debt tops £3 trillion for the first timeCity A.M.Bank of England set to overshadow Healey’s Budget with interest rate hikeGB NewsUK national debt breaks £3trillion barrier for first time as borrowing crisis deepensBBC News - BusinessFaisal Islam: Inflation and borrowing figures illustrate chancellor's Budget challengeDaily MailUK debt mountain tops £3TRILLION for first time ever ahead of BudgetThe IndependentHow much is the cost of living in the UK rising? Here’s what the data saysThe GuardianUK government borrowing rises to £24.5bn as John Healey prepares for budgetThe TelegraphBritain’s national debt tops £3tnReutersUK borrowing and £3 trillion debt herald tough budget for HealeyCity A.M.UK debt pile exceeds £3 trillion one week before Healey’s Budget
Read today's full feed at The Newshound →