Government spending on debt interest payments has soared to £126billion annually, matching the total budgets for defence, housing, and the environment. This staggering figure amounts to about £42,000 for each household, representing 44 per cent of the country’s total income, reports show. Looking ahead to 2025-26, the Office for Budget Responsibility (OBR) projects total spending to rise even further to £1.35billion. The Budget 2024 report shows that by 2025-26, public sector spending on defence will reach £83billion, and spending on Housing and environment will reach £44billion. This total of…
