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Britain’s latest borrowing figures should make for uncomfortable reading for the Treasury and for taxpayers.

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According to the latest Office for National Statistics (ONS) Public Sector Finances data for August, the government borrowed £18.3bn, almost a fifth more than in the same month last year, and the highest August figure since 2020. Worse still, this was £3.5bn above the Office for Budget Responsibility’s (OBR) forecasts, and since April borrowing has reached over £77bn, which is over £8bn more than the OBR expected at this point in the year.

The most alarming number is the cost of servicing our national debt, which is closing in on £3 trillion. Interest payments on Britain’s debt reached £8.8bn in August, which is the highest August figure since monthly........

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