Chancellor Jeremy Hunt blamed the pandemic and Russia's invasion of Ukraine as government borrowing surged to £22bn last month.
As the retail price index rose so too did the government bonds linked to inflation, index-linked gilts. Payments on those index-linked gilts accounted for £4.2bn of the total interest rate payments made by the government last month.as a whole across the public sector - excluding public sector banks - was £2,477.5bn at the end of last month.
That is up £125.9bn on the same period last year but is now a lower portion of gross domestic product - a measure of economic output. The amount of debt accounts for around 98.7% of GDP."We continue to expect public borrowing to overshoot the OBR's forecast in future years," the group said.
"We have a clear plan to help halve inflation next year, but that requires some tough decisions to put our public finances back on a sustainable footing." Despite the increasing debt, the Institute of Chartered Accountants in England and Wales said there is cause for relief in the figures. "Chancellor Jeremy Hunt will be relieved that the deficit for the year-to-date only exceeded £100bn by £5bn, on track to stay within the Office for Budget Responsibility's latest forecast of £177bn for the full year," it said.
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