The interest the government pays on national debt has reached a 20-year high as the rate on 30-year bonds reaches 5.05%. A rise in the cost of borrowing comes at a difficult time for the chancellor, Jeremy Hunt, as he prepares for the autumn statement on 22 November. Mr Hunt has already made clear that tax cuts will not be announced in November. The higher cost of servicing the country's debt pile could influence the decisions he makes on spending. The total amount the UK government owes is called the national debt and it is currently about £2.59 trillion.