March 12, 2020 / 9:14 AM / 20 days ago

UK's Sunak says he would rethink spending plans if debt costs jump

FILE PHOTO: Newly appointed Britain's Chancellor of the Exchequer Rishi Sunak leaves Downing Street in London, Britain February 13, 2020. REUTERS/Toby Melville/File Photo

LONDON (Reuters) - British finance minister Rishi Sunak said he would reconsider his big public spending plans if government borrowing costs, which have touched record lows amid the coronavirus crisis recently, rose sharply.

“At the moment, what we’re spending on servicing our debt...is the lowest it’s been as a percentage of GDP for decades and that’s what we’re taking advantage of,” Sunak told LBC radio on Thursday.

“If that changed dramatically, then we would have to look at what we’re doing but that is certainly not the case today and we’re taking steps to protect us against that happening.”

Writing by William Schomberg; Editing by Elizabeth Howcroft

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