The total amount the Government owes currently sits at around £2.59 trillion.

The recent rise in borrowing costs comes at a difficult time for Chancellor Jeremy Hunt as he prepares for his Autumn Statement on 22 November.

The price of 30-year UK Government bonds also fell, with investors forecasting that global interest rates will remain high for longer than anticipated.

In a report earlier this year, the Office for Budget Responsibility (OBR) said that Britain's plans for stabilising and reducing debt were modest by historical and international standards.

It also warned that an aging population, climate change, and global tensions already pose big fiscal challenges for the UK.

The OBR said borrowing costs have risen more than in any other G7 economy and are more volatile than ever in the past 40 years.

"While other governments also face rising interest rates on debts close to or in excess of 100% of GDP, several factors make the UK's public debt position more vulnerable to some shocks than in the past or other advanced economies."

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