Government borrowing jumped by £18 billion in the year to March 2023, with the figure blamed on rising interest rates and the cost of supporting energy bills. The Office for National Statistics (ONS) said public sector borrowing reached £139.2 billion in 2022/23, the fourth-highest figure since records began and £18.1 billion more than in 2021/22,…
Government Borrowing Jumps by £18 Billion Owing to Interest Payments and Energy Bills Support
April 25, 2023
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Russia Halts All Bond Sales Over ‘Cosmic’ Borrowing Costs
April 11, 2022
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Russia is hitting pause on any new government borrowing owing to what finance minister Anton Siluanov told local media was a “cosmic” rise in debt servicing costs following war-related Western sanctions on Moscow. Siluanov told the Izvestia news outlet in an interview on Monday that Russia will halt all government bond auctions for the rest…
UK Government Interest Payments on Borrowing Soar as Inflation Rises
Britain’s Treasury banked more cash from self-assessment tax returns last month than a year earlier. But soaring inflation led to interest payments on Government debt rising to the highest level since records began nearly 25 years ago. The Office for National Statistics (ONS) revealed that tax returns brought in £18.4 billion in January, compared with…
America’s National Debt Soars Past $30 Trillion Milestone
America’s ballooning national debt has exceeded the $30 trillion mark for the first time ever, according to Treasury Department data. The Treasury Department said in a statement (pdf) that, as of Jan. 31, the total public debt outstanding was $30.012 trillion, which roughly works out to just over $90,000 per citizen or nearly $240,000 per…
US Business Borrowing for Equipment Fell 3 Percent in December: ELFA
U.S. companies borrowed 3 percent less in December to finance their investments in equipment, the Equipment Leasing and Finance Association (ELFA) said on Tuesday, as inflation and Omicron cloud economic outlook. Firms signed up for $11.8 billion in new loans, leases, and lines of credit last month, compared with $12.1 billion a year earlier. Borrowings,…
Interest on UK Government Borrowing Jumps to December Record Amid Soaring Inflation
Interest on British government borrowing surged to a December record last month due to rocketing inflation, according to official figures. The Office for National Statistics (ONS) said interest payments on government debt trebled to a higher-than-expected £8.1 billion last month, up from £2.7 billion in December 2020 and the highest for any December on record….
US Treasury Increases Q4 Borrowing Estimate
The U.S. Treasury said on Monday it plans to borrow $1.015 trillion in the fourth quarter, more than the August estimate of $703 billion, due to having a lower balance at the beginning of the quarter. The fourth-quarter estimate assumes an end-Dec. cash balance of $650 billion. The Treasury has been cutting issuance since February,…
US Business Borrowing for Equipment Rises 21 Percent in August: ELFA
Borrowings by U.S. companies for capital investments rose 21 percent in August from a year earlier, the Equipment Leasing and Finance Association (ELFA) said on Thursday. The companies signed up for $8.5 billion in new loans, leases and lines of credit last month, up from $7 billion a year earlier. However, borrowings fell 14 percent…
Canadian Liberals’ Promised Hike in Bank Taxes Could Lead to Job Cuts, Higher Borrowing Costs
TORONTO—A campaign pledge by Canada’s ruling Liberals to raise corporate taxes on banks to help pay for pandemic relief could lead to job cuts and higher borrowing costs as the lenders take steps to protect their profits, investors and political analysts said. Seeking an edge in a tight race ahead of the Sept. 20 election,…
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