Rishi Sunak ‘wasted £11bn by paying too much interest’ on UK debt
The Guardian says Rishi Sunak has been accused of wasting £11bn of taxpayers’ money by paying too much in interest servicing the government’s debt.
The National Institute of Economic and Social Research (NIESR) said the losses were the result of the chancellor’s failure to insure against interest rate rises on £900bn of reserves created through the quantitative easing (QE) programme.
The losses were said to exceed the amount that the Conservatives have accused former chancellor Gordon Brown of losing when he sold some of the UK’s gold reserves at rock bottom prices.
The institute’s director, Prof Jagjit Chadha, told the Financial Times that Sunak’s actions had left the country with “an enormous bill and heavy continuing exposure to interest rate risk”.
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