The UK is awash with debt, due to quantitive easing by the Bank of England in response to the pandemic. Today, figures have been released to show that, in June 2022, the UK had to pay investors holding Government debt, £19 BILLION in interest. The same time last year (June 2021), interest payments were £9.1 BILLION, so payments have more than doubled.
I did read that Professor Jagjit Chadha, Director of the National Institute of Social & Economic Research, accused the Treasury of losing £11 BILLION due to not insuring the servicing of UK Government debt against inflation while interest rates were at 0.1%, and to me, this looks like another “schoolboy error” made under Rishi Sunak’s watch. He was also accused of “schoolboy errors” in relation to £17 BILLION that was lost by the Treasury during the pandemic, £5 BILLION of that in fraud associated with Sunak’s “bounceback” loans.
