UK spending £22bn more on debt interest

THE UK is spending £22 billion more on debt interest in the year to date than at the same time last year, more than the entire Home Office budget, Jeremy Hunt has said. The Chancellor quoted Margaret Thatcher’s famous line that “there is nothing moral about spending money you do not have” as he faced MPs in the Commons ahead of tomorrow’s autumn statement. He said UK debt-to-GDP ratio is about 98% and we are “spending debt interest £22bn more in the year to date than at the same time last year”.