Britain’s public finances are under “enormous strains” as a result of huge government borrowing during the CCP virus pandemic, the UK’s Chancellor of the Exchequer Rishi Sunak has said. In an interview with the Financial Times on Friday, Sunak said he will “level with people” about the challenge when he delivers the budget on Wednesday. The extra funding required for government schemes to support businesses hit by lockdown measures, combined with reduced tax revenues and a fall in gross domestic product (GDP), have all helped push Britain’s public sector net debt to a new high. As the UK has “far more debt” than before, it is “exposed” to changes in interest rates, said Sunak. If there is a rise of 1 percentage point across all interest rates, the government’s cost of servicing its debt would increase by £25 billion ($35 billion) a year, he said. The government has already spent …