Inflation pushes UK government interest costs in June to fresh record

Surging inflation led interest payments on UK government debt to hit the highest amount on record in June.

Interest payments paid by the government for last month hit £19.4bn.

It pushed government borrowing for the month up from a year earlier to the second highest June level on record.

Borrowing - the difference between spending and tax income - was £22.9bn during the month, up £4.1bn from a year earlier, the Office for National Statistics said.

Responding to the figures, Chancellor Nadhim Zahawi said: "We recognise that there are risks to the public finances including from inflation, with debt interest costs in June more than double the previous monthly record.

"That's why the government has taken action to strengthen the public finances, and in their latest forecast the Office for Budgetary Responsibility assessed that we are on track to get debt down."