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.
And by the way you are wrong.
The interest payments for 2014 were £47.7 billion total
Total Defense spending was £44.3 Billion
Total Welfare spending was £112.4 Billion
Total Education spending was £90.2 Billion
Total Pension spending was £143.2 Billion
So the interest payments were only bigger than the spending on defence not the other areas you mentioned.
That is central + local government if we just take the central government figures then you get closer
Interest payments £47.4 Billion
Central Government Defense spending was £44.3 Billion
Central Government Welfare spending was £58.0 Billion
Central Government Education spending was £41.9 Billion
Central Government Pension spending was £143.2 Billion
But spending on Welfare is still well above the amount paid in interest payments