According to the Office for National Statistics ( ONS ), public sector net borrowing stood at £3.1billion in July.
Chancellor Rachel Reeves saw the Government borrow £3billion more than forecast last month as she continues to prepare for her first Budget this autumn.
Ms Reeves is reportedly considering raising inheritance tax and capital gains tax at her Budget on 30 October, while she could also oversee a squeeze on public spending. According to the Office for National Statistics , public sector net borrowing stood at £3.1billion in July The Local Government Association said a long-term settlement was 'vital' to ensure councils could regenerate their existing housing stock and invest in new stock.
This was £500 million less than in the same four-month period a year earlier, but the fourth highest year-to-July borrowing since monthly records began in January 1993. Jessica Barnaby, deputy director for public sector finances at the ONS, said: 'Revenue was up on last year, with income tax receipts in particular growing strongly.
'The combination of in-year spending pressures identified at last month's spending audit and the ongoing, and well known, pressures facing many public services suggest that the accompanying spending review for 2025-26 could be a particularly difficult exercise.'
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
PIP changes or tax hikes: Rachel Reeves’s Budget options as borrowing increasesThe Chancellor could choose to stick to many of the spending plans brought in by the Tories
Weiterlesen »
Brits will be clobbered with tax hikes in Halloween Budget, confirms Chancellor Rachel Reeves...Chancellor Rachel Reeves announces £22bn black hole in UK budget
Weiterlesen »
Rachel Reeves’ options to fix £20bn blackhole – from tax hikes to more HS2 cutsChancellor to set out plan to balance the books, as Labour claims Tories ‘deliberately covered up’ dire state of public finances
Weiterlesen »
Rachel Reeves’ options to fix £20bn blackhole – from tax hikes to more HS2 cutsChancellor to set out plan to balance the books, as Labour claims Tories ‘deliberately covered up’ dire state of public finances
Weiterlesen »
Economic growth and happy unions mean problems for Rachel ReevesGDP has revived and pay disputes are being settled - but the Chancellor still insists the UK needs tax hikes and spending cuts. So what is going on?
Weiterlesen »
How Rachel Reeves could help savers in the Budget as banks cut interest ratesRachel Reeves has a number of options open to her in the upcoming Budget to help savers, experts told i
Weiterlesen »