Interest payments on the UK Government’s debt were £8.7 billion in June 2021, the highest monthly payment since records began in April 1997, the UK’s Office for National Statistics (ONS) said on Wednesday.

“Fluctuations in debt interest are largely a result of movements in the Retail Prices Index (RPI) to which index-linked gilts are pegged,” said the ONS.

“The interest related to the £470.7 billion index-linked gilts in circulation (at redemption value) increased by £6.0 billion in June 2021 compared to June 2020, mainly as a result of the large increase in the RPI between March and April 2021 impacting on the uplift of the three-month lagged index-linked gilts.”

The ONS said the UK public sector net borrowing was estimated to have been £22.8 billion in June 2021 — the second-highest June borrowing since monthly records began in 1993, but £5.5 billion less than in June 2020.

The UK’s debt was £2.218 trillion at the end of June 2021 or around 99.7% of GDP, the highest ratio since the 102.5% recorded in March 1961.

Public sector net borrowing was estimated to have been £69.5 billion in the financial year-to-June 2021 — the second-highest financial year-to-June borrowing since monthly records began in 1993, but £49.8 billion less than in the same period last year.

Public sector net borrowing in the financial year ending March 2021 was estimated to have been £297.7 billion, revised down by £1.5 billion from last month’s provisional estimate but still the highest borrowing since financial year records began in the year ending March 1946.

Central government receipts in June 2021 were estimated to have been £62.2 billion, £9.5 billion more than in June 2020, while central government bodies spent £84.1 billion, £2.5 billion more than in June 2020.