UK government borrowing surged to £13.7bn in August, reaching the third-highest monthly figure on record, driven by increased public service spending.

In August, UK government borrowing surged to £13.7 billion, marking the third-highest figure for the month on record, driven by increased public service spending amid higher costs and pay raises. Public sector debt now equals 100% of GDP, a level not seen since the 1960s. This borrowing exceeds forecasts and raises concerns about fiscal management as Chancellor Rachel Reeves prepares for her upcoming budget amid a £22 billion financial gap.

September 20, 2024
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