UK borrows more than expected in July as Healey prepares for first Budget
Summary
The UK government borrowed more money in July than expected, with borrowing reaching £1.8 billion, which is higher than last year. Chancellor John Healey is preparing his first Budget, aiming to control spending while helping households with rising living costs.Key Facts
- The UK government borrowed £1.8 billion in July, £2.3 billion more than official forecasts.
- Borrowing in July was about two-thirds higher than the same month last year.
- Increased welfare spending, including benefits and state pensions, raised borrowing by £2 billion compared to last year.
- From April to July, the government borrowed £56.7 billion, lower than last year but higher than expected.
- Chancellor John Healey plans to maintain strong fiscal discipline and limit day-to-day spending increases.
- Government debt is nearing £3 trillion, growing by £127.2 billion over the past year.
- Economists warn there is little room to increase borrowing in the upcoming Budget due to economic pressures.
- The Conservative party criticized Labour’s spending, highlighting high interest costs on debt.
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