Darling accused of 'hiding' debt interest bill of £60bn

A senior member of the Treasury Select Committee today demanded to know why the Chancellor had refused to publish estimates of the cost of interest on Britain’s national debt.

Michael Fallon, the most senior Tory on the panel, asked Alistair Darling why he had not admitted that annual interest on the debt is forecast to hit £60 billion within four years.

The cost of servicing the country’s £178 billion budget deficit represents just under double the annual budget for the Ministry of Defence. The figure is roughly double the current interest charges.

Mr Darling appeared before the cross-party committee – one of the most influential in Parliament – this afternoon. (more)