Correction "there won’t be money to reinstate it
or do [most of] the other projects"
"Britain will spend 10.4% of total government revenue servicing its debts in 2023, Fitch has forecast, at a total of £110bn. Interest payments on a 12-month basis reached
£117bn in May 2023, double the level in the period to September 2021"
The age of free money is over. 30 year gilt yields have just hit a 20 year high of 5.1% (far higher than under Truss and yields are still rising (and not just in the UK. US is same story.
Thats the elephant in the room.
Source:
The UK faces the highest debt interest bill in the developed world this year, according to Fitch Ratings, due to its high proportion of inflation-linked debt.
www.investmentweek.co.uk