High inflation is driving interest payments to record levels The British government’s debt interest payable has risen to the highest level on record, the Office for National Statistics (ONS) reported this week. The interest payable stood at £8.2 billion ($9.25 billion) last month, which is £1.5 billion ($1.7 billion) more than in August 2021, and the highest figure for the month since records began in April 1997, the ONS said, adding that the volatility in interest payable is largely caused by the inflation rates. Annual inflation in the UK hit 9.4% in June, the highest rate in 40 years, but retreated to 8.6% in A
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