Pressure grows on Jeremy Hunt to rescue Britain as national debt hits ... trends now
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Jeremy Hunt was facing mounting pressure to deliver a growth plan last night after the national debt hit £2.5trillion.
The shocking figure equals 99.5 per cent of Britain’s annual economic output.
It has been fuelled by growing interest payments and the huge cost of protecting families from sky-high energy bills.
Treasury borrowing hit £27.4billion last month, a record level for December.
Chancellor Mr Hunt insisted the debt report showed the need for him to keep to ‘tough’ plans to help balance the Treasury’s books
The appalling data from the Office for National Statistics prompted business leaders and MPs to redouble pleas for a plan for growth to rescue the public finances.
Separate figures yesterday showed that strikes, surging interest rates and cost of living pressures were pushing the nation further toward a recession.
Chancellor Mr Hunt insisted the debt report showed the need for him to keep to ‘tough’ plans to help balance the Treasury’s books.
But with the tax burden on course to reach its highest level since the Second World War others argue that cuts are needed now.
Conservative MP Sir John Redwood said: ‘You have got to have tax cuts that make it easier to run businesses and make it more worthwhile to make investments.’
And former party leader Sir Iain Duncan Smith added: ‘We need very soon to be setting out a plan for growth, including tax cuts.’
Many business chiefs concede the need to stabilise the economy by keeping a tight rein on public finances for now. But they are becoming frustrated that Rishi Sunak and his Chancellor are not offering a concrete plan for the next steps.
