Public finances hit by highest debt interest payments for any July


Government borrowing came in lower than expected last month despite a hit from the highest debt interest payments ever seen for the month of July.

The Office for National Statistics (ONS) said the interest payable on central government debt was £7.7bn while borrowing during the month was the fifth highest for the month of July on record.

It took borrowing over the first four months of the financial year to £56.6bn, almost £14bn up on the same period in the last financial year.

The public finances – soured initially by the effects of the COVID pandemic and government support for individuals and businesses – were later harmed further by the cost of living crisis.