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OECD countries’ payments outstrip amount spent on defence, police services and housing, report findsBusiness live latest updatesThe cost of government debt payments in the world’s richest nations hit its highest level since 2007 last year, outstripping the amount spent on defence, police services and housing, a report has found.Across the 38 members of the Organisation for Economic Co-operation and Development (OECD) debt service costs as a percentage of national income rose to 3.3% in 2024, a steep increase from 2.4% in 2021, forcing governments to devote a larger slice of their tax income to paying lenders. Continue reading…
OECD countries’ payments outstrip amount spent on defence, police services and housing, report finds
The cost of government debt payments in the world’s richest nations hit its highest level since 2007 last year, outstripping the amount spent on defence, police services and housing, a report has found.
Across the 38 members of the Organisation for Economic Co-operation and Development (OECD) debt service costs as a percentage of national income rose to 3.3% in 2024, a steep increase from 2.4% in 2021, forcing governments to devote a larger slice of their tax income to paying lenders.
