UK Vows to Drive Down Debt as Interest Bill Pushes Government Borrowing to £20 Billion

UK Vows to Drive Down Debt as Interest Bill Pushes Government Borrowing to £20 Billion
Video grab image of Chancellor Jeremy Hunt making an emergency statement to the nation from the Treasury in London, on Oct. 17, 2022. Marc Ward/PA Media
Alexander Zhang
Updated:

The UK government has vowed to do “whatever is necessary” to drive down debt after its rising debt interest payment pushed public sector borrowing to £20 billion ($22 billion) last month.

According to the latest data from the Office for National Statistics (ONS), the UK’s public sector net borrowing was £20 billion in September 2022, which was £2.2 billion more than in the same month of last year.