Chancellor Rishi Sunak Responds to March's Public Sector Finances

The Chancellor of the Exchequer has responded to March's public sector finance data published today:

Chancellor of the Exchequer, Rishi Sunak said:

 “Thanks to the action we’ve taken, the economy is recovering and our public finances are improving – allowing us to invest in vital public services, help the hardest hit with a £22 billion package of support and get people into work.   

 “Public debt is at the highest levels since the 1960s and rising inflation is pushing up our debt interest costs, which mean we must manage public finances sustainably to avoid saddling future generations with further debt. 

“Despite global economic headwinds, we continue to meet our fiscal rules, showing our commitment to keeping the public finances sustainable while supporting the UK’s long-term growth and addressing the immediate pressures facing people with their cost of living.”

Notes to editors

Background

We’re forecast to spend £83 billion on debt interest in 2022-2023, which:

• Exceeds the budgets for the Home Office, Ministry of Justice and Defence (totalling £75.4bn in 2022/23);
• Is nearly four times the amount spent on debt interest in 2020/21 (£23.6bn);
• Is the highest debt interest spending ever, and the highest as a share of GDP in over two decades.