Larger-than-expected deficit keeps debt interest on track to hit �52bn this year

Britain's huge debt interest bill remains on course to hit �1bn a week this year, after official data showed the Goverment borrowed �3bn more in April than forecast by analysts. Public sector net borrowing excluding one-off payments related to Royal Mail's pension plan and quantitative easing gilt coupon transfers, stood at �11.5bn in April, according to the Office for National Statistics (ONS). This was �1.9bn higher than in April 2013, and much higher than the �8.4bn expected by analysts. The larger-than-expected deficit helped to push up public sector net debt to �1.27 trillion in April, or 75.6pc of gross domestic product (GDP). The interest on Britain's debt pile is expected to hit �52.1bn this year, according to projections by the Office for Budget Responsibility (OBR) - or the equivalent of �1bn a week. “Today’s figures show that government’s overall debt has increased by �88bn, or 7.5pc since the same time last year - almost five times what we spend on fighting crime," said Ed Roddis, head of public sector research at Deloitte.....Read more here