National debt interest soars by £80billion

BRITAIN'S debt interest payments will soar by nearly £80billion due to Rachel Reeves's “unsustainable and dishonest” decisions, the Shadow Chancellor warns.

- By David Williamson

Sir Mel Stride accused Ms Reeves of ramping up borrowing by £200billion, compared with the last government’s plans.

He said: “Rachel Reeves hasn’t turned on the spending taps, she has recklessly opened the spending floodgates.

“Labour is on course to borrow an extra £200billion this parliament and, shockingly, £80billion of that is just to cover the additional interest on the national debt.

“That's not investment — it’s taxpayers' money down the drain. It is unsustainable, dishonest and deeply irresponsible.”

The Tories expect the debt interest bill for 2029-30 to be “£21billion higher compared to what Labour inherited”.

A spokesman for the Government said: “We'll start listening to Mel Stride when he apologises for standing by while Liz Truss crashed the economy.”