Interest on government debt hits record for January

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6 minutes ago

Interest on government debt hit £6.7bn in January, the highest amount for the month since records began in 1997.

The Office for National Statistics said the recent increase in debt repayments was "largely" because of inflation.

But while the cost of servicing debt rose, the government spent less than it received in tax in January, resulting in a surplus of £5.4bn.

The figures on the public sector finances come as the government is set to deliver its Budget next month.