HomeAI · summaries
Storia in 3 fonti
Government borrowing costs surge as Reeves grapples with rising deficit
Stay up to date with notifications from The IndependentNotifications can be managed in browser preferences.Jump to contentThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged inAllNewsSportCultureLifestyleUK government borrowing surged to £24.3 billion in April, exceeding forecasts and marking the second-highest April total ever recorded, surpassed only during the peak of the Covid pandemic. This figure represents a £4.9 billion increase compared to the previous year and was £3.4 billion higher than the Office for Budget Responsibility's (OBR) prediction of £20.9 billion. The significant rise was primarily driven by record debt interest costs, which reached £10.3 billion in April, an increase of £900 million from a year ago, largely due to rising inflation impacting index-linked gilts. Higher-than-planned welfare spending also contributed to the increased borrowing, while the Office for National Statistics (ONS) revised down the borrowing for the financial year to March by £3 billion to £129 billion. Experts warn that debt interest costs are expected to continue rising in the coming months due to soaring inflation and pressure on UK government bonds (gilts) amid economic and political uncertainty, with political risk potentially adding to borrowing costs. In fullUK borrowing surges by more than expected in latest blow to ChancellorThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in
Confronto fonti
3 prospettive sulla stessa storiaTimeline cronologica
- ·
cityam.com
Reeves sees borrowing spike as benefits spending offsets tax haul
Reeves oversaw a surge in borrowing in April as higher benefit spending offset the money collected from tax hikes.
- ·
dailymail.com
Borrowing surge as Labour spending spree and Iran crisis outweighs tax
The public sector racked up £24.3billion of borrowing last month, the highest April level on record outside of the Covid peak.
- ·
independent.co.uk
UK borrowing surges by more than expected in latest blow to Chancellor
The ONS said borrowing was £4.9 billion higher than a year earlier
- ·
Government borrowing costs surge as Reeves grapples with rising deficit
Stay up to date with notifications from The IndependentNotifications can be managed in browser preferences.Jump to contentThank you for registeringPlease refresh the page or…