Budget 2021: Government debt interest bill to swell £16bn more than previously expected

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The Office for Budget Responsibility (OBR) revised up its forecasts for the government’s debt interest payments by around £16bn for this year (Photo by Dan Kitwood/Getty Images)

The government’s debt interest bill is set to swell by billions over the next year driven by inflation accelerating at a fiery print than the fiscal watchdog expected.

The Office for Budget Responsibility (OBR) revised up its forecasts for the government’s debt interest payments by around £16bn for this year.

More to follow.

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