Spring Statement: High debt payments put pressure on Sunak

Rising inflation led to government interest payments hitting a fresh record in February, official data show.

Interest payments reached £8.2bn last month, the highest amount for a February since records began in April 1997 and up £1bn on last year.

The payments are pegged to the Retail Prices Index (RPI) measure of inflation - which reached 7.8% in January.

It comes as pressure mounts on the Chancellor Rishi Sunak to take action to tackle soaring costs.

Calls from charities and politicians have been growing for the chancellor to address the rising cost of living at the Spring Statement on Wednesday.

Surging food prices, energy bills and fuel prices have pushed costs up for households, but rising inflation also limits Mr Sunak's room to act.