High Debt Payments Are Crippling the UK Middle Class

Official figures reveal that rising inflation caused government interest payments to hit a new high in February.

Interest payments were £8.2 billion in February, the largest monthly total since records began in April 1997 and up £1 billion from the previous year.

The payments are based on inflation as measured by the Retail Prices Index (RPI), which was 7.8% in January.

It comes as pressure rises on Chancellor Rishi Sunak to act to rein in rising prices.

The chancellor has been urged by charities and politicians to address the increasing cost of living in his Spring Statement on Wednesday.

Household costs have risen due to growing food, electricity, and gasoline prices, while rising inflation has limited Mr Sunak’s options.

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