UK Government forced to borrow at highest rate since financial crisis, UK debt doubles since March

The Government has borrowed at its highest interest rate since the depths of the financial crisis as its debt interest bill is sent soaring by the market turmoil.

The UK’s debt interest bill is set to soar to £103bn in 2023-24, double the £51bn pencilled in by official forecasts in March. The cost of servicing the debt will jump to 4.2pc of GDP, the highest level since 1949.

Telegraph Government forced to borrow at highest rate since financial crisis – live updates