UK debt increases because of energy support policies| MENAFN.COM

Wednesday, 30 November 2022 01:43 GMT

UK debt increases because of energy support policies


(MENAFN) According to a statement released on Tuesday by the Office of National Statistics (ONS), the British government borrowed pound13.5 billion (USD16 billion) in October as a result of costly home energy assistance programs and rising prices.

The amount was the fourth highest for October on record and increased from the pound9.2 billion (USD10.9 billion) recorded in the same period of last year. Liz Truss, a former prime minister, first proposed a support program to cap energy costs to ease a cost-of-living crisis, and United Kingdom authorities have now implemented it.

The ONS reports that the total amount spent by the public sector in October was pound91.2 billion (USD108.7 billion), of which about pound3 billion (USD3.5 billion) went toward energy support programs. Of that amount, pound1.9 billion (USD2.2 billion) was set aside for home energy discount payments, which are worth pound400 (USD476) per household.

United Kingdom finance minister Jeremy Hunt emphasized that increasing borrowing was the "right" course of action to support "millions of business and families," but he also acknowledged that "there is no easy path to balancing the nation’s books."

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