Re: It doesn't matter...until it does
The interest may be small as a proportion of GDP, but it's still more than we spend per year on Defence or Welfare or Education.
But apart from the period 2000-2010 and one isolated year in 1992 it is the lowest level of interest/GDP we have had to pay since the first world war.
It has averaged around 4% of GDP since the second world war rather than the current level of just under 3% and was even higher between the wars peaking at 9.60% in 1932.
And this isn't about to change since the interest is fixed with a long maturity profile.