Osborne's 4 Billion-Pound Gap Is Still Cheap: Chartby
U.K. lawmakers are preparing to vote on a budget containing a 4.4 billion-pound ($6.3 billion) hole after the government abandoned controversial plans to cut disability benefits. The good news for Chancellor of the Exchequer George Osborne is that it has rarely been cheaper to borrow. Based on the 10-year gilt yield, 4.4 billion pounds of debt today costs the taxpayer 65 million pounds a year, compared with about 170 million pounds when Osborne took office in 2010 and 230 million pounds at the height of the financial crisis in 2008.
(Corrects to show interest payment is annual cost.)