The PM and the Chancellor need the economy to grow (Image: Getty)
Chancellor Rachel Reeves has revealed the extraordinary sum Britain pays on debt interest. The UK spends more financing its debt than it invests in the armed forces and vital public services.
Speaking in the House of Commons as she delivered the spring statement, she declared that interest payments are now more than ￡105billion.
Protein Isn't Enough - Here's What Really Builds Muscle After 60Apex Labs| Sponsored Sponsored
Undo
Firing a blast at the Conservatives, she said: “After they doubled the national debt, debt interest payments now stand at ￡105.2billion this year. That is more than we allocate to defence, the Home Office, and the Ministry of Justice combined. That is the legacy of the party opposite.
“So, the responsible choice is to reduce our levels of debt and borrowing in the years ahead so we can spend more on the priorities of working people and that is exactly what this Government will do.”
Don't miss...
Rachel Reeves unveils huge spending and benefit cuts in spring Budget
'Rachel Reeves's last chance to rescue Britain from despair'
Trending
SUBSCRIBE Invalid email
We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. Read our Privacy Policy
Insisting she would not turn away from her strategy for the national finances, she said: “Let me be clear: There is nothing progressive, there is nothing Labour about working people paying the price for economic irresponsibility.”
Sponsored
Sherem| Sponsored Sponsored
Learn More
The Secret Revealed: Why All Hummingbi rds Go to My Neighbor's Garden
Undo
DON'T MISS
Powered by
Cash ISA limit rules confirmed as UK households urged to add ￡40,000 to accounts
Comments
Top 8 Cash ISAs to open now after Rachel Reeves spring statement
5 Comments
What will happen to Cash ISAs in Rachel Reeves spring statement?
44 Comments
Every DWP and benefit change announced by Rachel Reeves in her Spring Statement
Comments
Rachel Reeves risks fresh Labour fury as she is set to announce 'further welfare cuts'
23 Comments
What time is Chancellor Rachel Reeves' spring statement? Speech and policies to expect
Comments
Rachel Reeves attempts to end Labour civil war with ￡2bn to build thousands of homes
100 Comments
Rachel Reeves warned of ￡15bn black hole as shocking welfare spending exposed
27 Comments
Rachel Reeves has one last chance to pull Britain back from total despair
26 Comments
Rachel Reeves warned to act within days to stop state pension tax bombshell
182 Comments
Growth down, taxes up, borrowing berserk... and Rachel Reeves knows exactly who to blame
578 Comments
Rachel Reeves warned tax hike bombshell could hit Britons in autumn
1 Comments
Rachel Reeves dealt huge blow as TalkTV star fumes 'they're ripping the streets apart'
Comments
Businesses blame Rachel Reeves for unsustainable costs that could make them go bust
1 Comments
The Secret Revealed: Why All Humming birds Go to My Neighbor's GardenSherem| Sponsored Sponsored
Learn More
Undo
Rachel Reeves tipped for income tax betrayal as over 10 million may be hit by move
46 Comments
Rachel Reeves faces six-month deadline to revive economy or risk losing her job
109 Comments
The Easiest Way to Get Your Passport in 2025.GovPlus| Sponsored Sponsored
Learn More
Undo
Rachel Reeves ￡2.2bn defence boost in desperate attempt to kickstart economy
5 Comments
Rachel Reeves has left UK on a fiscal knife edge - autumn Budget will be brutal
16 Comments
Breakthrough: Topical Roll-On for Chronic Joint PainMy Health Now| Sponsored Sponsored
Undo
Rachel Reeves faces pivotal moment ahead of 'awful April' for taxpayers
254 Comments
Rachel Reeves humiliated as brutal tax to 'wipe out 200,000 jobs and ￡15bn from economy'
34 Comments
Nerve Pain Reliever Discovered in Natural SerumMy Health Now| Sponsored Sponsored
Undo
Cash ISA limit rules confirmed as UK households urged to add ￡40,000 to accounts
Comments
Top 8 Cash ISAs to open now after Rachel Reeves spring statement
5 Comments
Discover Effortless Glucose Monitoring: Request a Free TrialDexcom| Sponsored Sponsored
Try Now
Undo
What will happen to Cash ISAs in Rachel Reeves spring statement?
44 Comments
Every DWP and benefit change announced by Rachel Reeves in her Spring Statement
Comments
MD: Building Muscle After 60 Comes Down To This 1 ThingApex Labs| Sponsored Sponsored
Undo
Rachel Reeves risks fresh Labour fury as she is set to announce 'further welfare cuts'
23 Comments
What time is Chancellor Rachel Reeves' spring statement? Speech and policies to expect
Comments
The Secret Revealed: Why All Humming birds Go to My Neighbor's GardenSherem| Sponsored Sponsored
Learn More
Undo
Rachel Reeves attempts to end Labour civil war with ￡2bn to build thousands of homes
100 Comments
Rachel Reeves warned of ￡15bn black hole as shocking welfare spending exposed
27 Comments
Protein Isn't Enough - Here's What Really Builds Muscle After 60Apex Labs| Sponsored Sponsored
Undo
Rachel Reeves has one last chance to pull Britain back from total despair
26 Comments
Rachel Reeves warned to act within days to stop state pension tax bombshell
182 Comments
The Easiest Way to Get Your Passport in 2025.GovPlus| Sponsored Sponsored
Learn More
Undo
Growth down, taxes up, borrowing berserk... and Rachel Reeves knows exactly who to blame
578 Comments
Rachel Reeves warned tax hike bombshell could hit Britons in autumn
1 Comments
Discovered: It's a Topical Gel for Arthriti sMy Health Now| Sponsored Sponsored
Undo
Rachel Reeves dealt huge blow as TalkTV star fumes 'they're ripping the streets apart'
Comments
Businesses blame Rachel Reeves for unsustainable costs that could make them go bust
1 Comments
Rachel Reeves tipped for income tax betrayal as over 10 million may be hit by move
46 Comments
Rachel Reeves faces six-month deadline to revive economy or risk losing her job
109 Comments
Rachel Reeves ￡2.2bn defence boost in desperate attempt to kickstart economy
5 Comments
Rachel Reeves has left UK on a fiscal knife edge - autumn Budget will be brutal
16 Comments
Rachel Reeves faces pivotal moment ahead of 'awful April' for taxpayers
254 Comments
Rachel Reeves humiliated as brutal tax to 'wipe out 200,000 jobs and ￡15bn from economy'
34 Comments
Cash ISA limit rules confirmed as UK households urged to add ￡40,000 to accounts
Comments
Top 8 Cash ISAs to open now after Rachel Reeves spring statement
5 Comments
What will happen to Cash ISAs in Rachel Reeves spring statement?
44 Comments
Every DWP and benefit change announced by Rachel Reeves in her Spring Statement
Comments
Rachel Reeves risks fresh Labour fury as she is set to announce 'further welfare cuts'
23 Comments
What time is Chancellor Rachel Reeves' spring statement? Speech and policies to expect
Comments
Rachel Reeves attempts to end Labour civil war with ￡2bn to build thousands of homes
100 Comments
Nerve Pain Reliever Discovered in Natural...My Health Now
Undo
by Taboola by Taboola
Sponsored Links Sponsored Links
Promoted Links Promoted Links
Discover Effortless Glucose Monitoring: Reques...Dexcom
Undo
by Taboola by Taboola
Sponsored Links Sponsored Links
Promoted Links Promoted Links
MD: Building Muscle After 60 Comes Down To...Apex Labs
Undo
by Taboola by Taboola
Sponsored Links Sponsored Links
Promoted Links Promoted Links
The Secret Revealed: Why All Hummingbirds G...Sherem
Undo
by Taboola by Taboola
Sponsored Links Sponsored Links
Promoted Links Promoted Links
The Chancellor says that net financial debt is now expected to be 82.9% of GDP in 2025-26 and 83.5% in 2026-27. It is then due to fall to 82.7% in 2029-30.
This is due to leave the Government with “headroom” of ￡15.1billion by the end of the decade.
The Office for Budget Responsibility had forecast that under the original plans outlined in the autumn Budget the Chancellor was on course to miss her headroom target by ￡4.1billion.