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MNI BRIEF: UK Govt's Debt Costs Soar In January

(MNI) London

UK government debt interest payments were GBP6.1 billion in January 2022, the highest for any January since records begin in 1997, the Office for National Statistics said Tuesday. Payments were GBP4.5 billion more than in January 2021, but lower than in June 2021 when interest payments were GBP9.0 billion.

The recent high levels of debt interest payments "are largely a result of movements in the Retail Prices Index (RPI) to which index-linked gilts are pegged," the ONS said..

In January 2022, the RPI uplift on index-linked gilts was GBP3.4 billion over and above the accrued coupon payments and other components of debt interest.

MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
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MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
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