3 sources·Politics

UK Faces Record Borrowing Amid Rising Inflation and Cost of Living Crisis

Government borrowing surges to £17.4bn in October as inflation and public sector pay increases pressure Chancellor Rachel Reeves' budget plans.

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Updated: Nov 21st, 2024, 5:48 AM ET

Summary

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The UK government reported a record £17.4bn in borrowing for October, driven by increased debt interest payments and public sector wages. This figure exceeds economists' expectations and adds pressure on Chancellor Rachel Reeves to stabilize the economy. The Office for National Statistics noted rising inflation rates and higher spending without proportional revenue growth. Experts caution that the chancellor may need to consider tax increases in future fiscal strategies. Meanwhile, millions of households continue to struggle with high living costs and inflation, exacerbating the cost of living crisis.

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