June Borrowing Higher Than Expected at £20.7 Billion
New figures from the Office for National Statistics show borrowing was £20.7 billion in June – £6.6 billion more than last year, the second-highest since records began in 1993. Coming in behind June 2020’s figure…
The OBR forecast the figure would be £17.1 billion. Acting ONS chief economist Richard Heys said: “The rising costs of providing public services and a large rise this month in the interest payable on index-linked gilts pushed up overall spending more than the increases in income from taxes and National Insurance contributions, causing borrowing to rise in June.” Bad news for Reeves…