Rishi Sunak accused of wasting billions servicing government debt

Early last year the Treasury itself was pointing towards the shortening maturity of our national debt as a by-product of the pandemic expansion of borrowing and the Bank of England’s QE policy. The UK has for the past two decades had, by international standards, many more years to repay its loans from the markets, but that was no longer the case. The Treasury was trying to explain why despite the UK borrowing record sums, interest costs were at record lows.