Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
UK debt interest payments rose to the third highest on record in May, touching GGP7.6 billion, the Office for National Statistics said Thursday, but they warned that the inflationary surge this year meant worse was to come, with June set to be by far the biggest month on record to date.
The ONS notes the Office for Budget Responsibility forecasts June debt interest costs are set to soar to GBP19.7 billion, more than double the previous high of GBP9.1 billion. The sharp increase in the June costs is being driven by the sharp increase in the RPI inflation measure between March and April, the benchmark for June calculations. This, as the chart below shows, will likely be the biggest monthly cost in FY22/23 -- a year where the OBR forecast total interest costs at GBP87.2 billion, up from GBP69.9 billion.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.