Rachel Reeves says it is ‘right’ to consider | European Markets

Rachel Reeves says it is 'right' to consider Rachel Reeves says it is 'right' to consider

Rachel Reeves says it is ‘proper’ to consider | U.Okay.Finance News



It comes as Ms Reeves is going through additional stress over the UK’s public funds after official figures confirmed higher-than-expected authorities borrowing final month due to hovering debt curiosity funds.The Office for National Statistics (ONS) mentioned June borrowing rose to £20.7 billion final month – £6.6 billion greater than a yr earlier and the second highest June borrowing since data started, solely behind that seen in 2020 on the peak of the pandemic.The ONS mentioned curiosity payable on debt jumped to £16.4 billion due to a massive rise in Retail Prices Index (RPI) inflation impacting index-linked authorities bonds.June borrowing was greater than the £17.6 billion anticipated by most economists and the £17.1 billion forecast by Britain’s impartial financial forecaster, the Office for Budget Responsibility (OBR).Borrowing for the primary three months of the financial yr to date stood at £57.8 billion, £7.5 billion more than the identical three-month period in 2024.Richard Heys, appearing chief economist on the ONS, mentioned: “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.”

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