But former Conservative chancellor Phillip Hammond told The Independent that the bond markets “will see straight through this ruse and price UK debt up accordingly”. He is also under pressure to boost Britain’s sluggish economic growth, which has taken a hit as a result of the Iran war, and ease mounting cost of living pressures. "Borrowing is currently very expensive; it is already the case that £1 in every £12 the government spends is on debt interest. Mr Burnham is also facing at least a £4.7bn black hole to fill in Sir Keir Starmer’s defence spending plan. "In fact, we are already borrowing nearly £150 billion a year, and using two thirds of it to service the interest on past debts.