Jeremy Hunt is celebrating inflation falling to a two-year low, giving him a boost less than a week before he delivers what could be his last Autumn Statement. Lower inflation reduces the size of Britain’s debt interest bill because of the country’s inflation-linked bonds.
Successive economic shocks since the global financial crisis have seen the UK’s debt as a share of GDP rise from around a third of the economy in 2007 to just shy of 100pc today.
Local economist Bill Craighead, Ph.D., Program Director for the UCCS Economic Forum, explained years of deficit spending and rising interest rates led to the $33 trillion federal debt.