How much money is the UK government borrowing, and does it matter?

If the government has to set aside more cash for paying debts, it may mean it has less to spend on public services. Some economists fear the government is borrowing too much, at too great a cost. Others argue extra borrowing helps the economy grow faster - generating more tax in the long run.The increase in long-term interest rates seen in January prompted some economists to warn that the government was "on…