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Soaring Inflation to Add £23 Billion to Cost of U.K. Public Debt

  • Warning from IFS think tank comes as RPI hits new 31-year high
  • Debt costs add to chancellor Sunak’s fiscal headache
A protestor holds a sign reading "Cannot Pay Will Not Pay" during a 'current cost-of-living crisis' rally in Glasgow, U.K., on Feb. 12.

A protestor holds a sign reading "Cannot Pay Will Not Pay" during a 'current cost-of-living crisis' rally in Glasgow, U.K., on Feb. 12.

Photographer: Emily Macinnes/Bloomberg

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Surging inflation will add 23 billion pounds ($31 billion) to the cost of servicing Britain’s national debt across this year and next, the Institute for Fiscal Studies warned.