UK government borrowing rose to three point one billion pounds last month, significantly higher than the previous year's one point three billion pounds. This marks the highest July deficit in three years. Increased spending on public services and welfare contributed to the overshoot, despite a rise in revenue from income tax.
UK government borrowing rose to £3.1bn last month, significantly higher than the previous year's £1.3bn.
This marks the highest July deficit in three years.
Increased spending on public services and welfare contributed to the overshoot, despite a rise in revenue from income tax.
The total borrowing for the first four months of the 2024-25 financial year reached £51.4bn.
The deficit surpassed the Office for Budget Responsibility's forecast by £4.7bn.
Leading up to a tough budget on October 30, this situation has intensified political debates, with Chief Secretary to the Treasury, Darren Jones, and Chancellor Rachel Reeves criticizing the previous government's fiscal management.