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UK borrowing shoots higher, deepening Reeves' challenges

Britain's borrowing has surged past the official forecasts that underpin the government's tax and spending plans, compounding the challenge facing finance minister Rachel Reeves in her November budget.

Business • 19 Sep

UK finance minister Rachel Reeves is expected to raise taxes in a budget statement towards the end of the year

UK borrowing climbs as inflation pushes up debt costs

Britain borrowed more than expected in June as high inflation pushed up the government's debt costs, according to data that is likely to add to speculation about the need for fresh tax increases by finance minister Rachel Reeves.

Business • 22 Jul

The UK government borrowed £151.9 billion over the course of the 2024/25 financial year

Britain posts bigger than expected budget deficit

Britain's government borrowed almost £15 billion more in the financial year that just ended than official budget forecasters had estimated a month ago, according to data that heaped more pressure on the public finances.

Business • 23 Apr

UK finance minister Rachel Reeves is to present her first budgt later this month

UK borrowing tops forecasts again as Reeves eyes budget

British public borrowing in the first six months of the tax year came in higher than official forecasts, data showed today, underscoring the challenge facing finance minister Rachel Reeves in her first budget next week.

Business • 22 Oct 24

The UK's Office for Budget Responsibility said debt was on course to rise from nearly 100% of annual gross domestic product now to 274% of GDP by the mid 2070s

UK fiscal watchdog warns of soaring debt in the future

British public debt is likely to soar to triple its current level over the next 50 years if future governments do not take action, due to pressures from an ageing population, climate change and security risks, a watchdog gas warned today.

Business • 12 Sep 24

UK public sector net borrowing, excluding state-owned banks, was £8.401 billion last month, new figures show today

UK posts bigger than expected budget deficit in February

Britain posted a larger budget deficit than expected in February, boosted by cost of living payments and the effect of past inflation on the public finances, official data showed today.

Business • 21 Mar 24

The UK's Office for National Statistics reported borrowing of £139.2 billion for the fiscal year to the end of March

UK reports lower than expected government borrowing

The UK government borrowed less than predicted in the financial year that ended in March, according to data today which showed finance minister Jeremy Hunt may be able to adopt a less austere stance ahead of the next general election.

Business • 25 Apr 23

Kwasi Kwarteng is under pressure to rebuild shattered investor confidence in the new UK government's economic agenda

UK's Kwarteng brings budget date forward

British finance minister Kwasi Kwarteng, under pressure to rebuild shattered investor confidence in the new government's economic agenda, today brought forward the publication of fiscal plans and economic forecasts to October 31.

Business • 10 Oct 22

British public-sector net borrowing, excluding state-owned banks, totalled £151.8 billion in the 2021/22 financial year

UK public borrowing above government forecasts

British government borrowing in the recently ended 2021/22 financial year was almost 20% higher than forecast by its own budget office last month, according to figures published today.

Business • 26 Apr 22

The Office for Budget Responsibility (OBR) said the UK facing triple threats

UK faces triple threat of Covid, climate change & debt

Britain faces three large and "potentially catastrophic" risks from the pandemic, climate change and a ballooning debt mountain, the UK's fiscal watchdog has warned.

Business • 06 Jul 21

The UK government borrowed £19.1 billion last month, a record for February but less than the £21 billion forecast

UK to undershoot towering Covid-19 borrowing forecast

Britain's record-breaking borrowing to pay for the coronavirus crisis is likely to be a little lower than forecast, after data published today showed the budget deficit grew by less than expected in the first two months of 2021.

Business • 19 Mar 21

The UK budget deficit is set to raise to its highest since World War Two, Rishi Sunak has said

UK fiscal watchdog warns of impact of no-deal Brexit

Britain's independent fiscal watchdog, the Office of Budget Responsibility, has said a no-deal Brexit at the end of this year will cut economic growth and increase unemployment.

Business • 25 Nov 20

UK public borrowing rose to £35.920 billion in August - a new record high

UK public borrowing surges to record high in August

UK public borrowing rose to £35.920 billion in August, a record high for the month though below its peaks earlier in the financial year, as the government dealt with the economic damage from the coronavirus pandemic.

Business • 25 Sep 20

New UK finance minister Rishi Sunak has ordered an additional set of economic forecasts

UK finance minister orders new economic forecasts

British finance minister Rishi Sunak has ordered an additional set of economic forecasts to be produced by the country's independent budget forecaster.

Business • 27 Feb 20

A no-deal Brexit would push down the value of the pound and cause the UK economy to contract by 2% by the end of 2020, the OBR said

UK economy may be facing recession - watchdog

The UK's fiscal watchdog, the Office for Budget Responsibility, says a no-deal Brexit will add around £30 billion a year to British government borrowing, with net debt rising by around 12% of GDP after three years.

Business • 18 Jul 19

RBS paid a special dividend on its annual profits in 2018 for the first time in a decade

UK taxpayers set to lose £31 billion on RBS rescue

Britain's fiscal watchdog today increased its estimate of the likely loss to taxpayers from the 2008 rescue of Royal Bank of Scotland to £31 billion, up £2.4 billion from October.

Business • 13 Mar 19

Philip Hammond said the UK's Office for Budget Responsibility now expects state borrowing to be £45.2 billion this year

Hammond buoyed by positive forecasts on growth

The UK government's official forecaster has upgraded projections for growth and predicted falling inflation, debt and borrowing, in a boost for finance minister Philip Hammond.

Business • 13 Mar 18