Government borrowing increases on energy bill support and debt interest costs

The rocketing cost of energy bills support and soaring debt interest saw UK government borrowing jump by more than £18 billion in the year to March, according to official figures.

The Office for National Statistics (ONS) said the public sector borrowed £139.2 billion in the past financial year – the fourth highest since records began and £18.1 billion more than in 2021-22, according to official figures.

But the figure was lower than the £152.4 billion predicted last month by Britain’s fiscal watchdog, the Office for Budget Responsibility (OBR).

This comes despite the Government forking out £41.2 billion over the past six months to support households and businesses with energy costs.

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