Britain's debt mountain tops £3 trillion for the first time as borrowing overshoots forecasts a week before Healey's Budget
Taxpayers handed £10.9bn to lenders in debt interest in September alone, the biggest September bill on record. The ONS said inflation-linked gilts added £4bn of that, driven by Iran war energy costs. Borrowing of £24.5bn beat the OBR forecast by £1.9bn. Chancellor John Healey's first Budget, on 28 October, is widely anticipated to include higher taxes on banks.
Since the 2024 election, Labour has directed more than £200bn toward debt repayments to lenders.
Inflation surged to 3.5 per cent, and an interest rate rise is expected next month.
Economists predict Healey's headroom will shrink from £23.6bn to around £12bn.
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