UK Borrowing Jumps £60 Billion After OBR Error as Costs Hit Century High
Updated
Updated · GB News · Jun 3
UK Borrowing Jumps £60 Billion After OBR Error as Costs Hit Century High
3 articles · Updated · GB News · Jun 3
Summary
UK borrowing is now estimated at £60 billion more than first thought after an Office for Budget Responsibility error, intensifying pressure on Chancellor Rachel Reeves.
Borrowing costs have climbed to their highest level this century, raising the price of financing the larger debt burden and worsening the fiscal outlook.
Rachel Reeves faces added political strain as Labour's left pushes Keir Starmer to expand welfare spending despite the sharper deterioration in public finances.
The revised figures sharpen questions over the government's room for new spending and the credibility of its budget planning.