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Daily Express (Digital)

1 Issue, March 22, 2025

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'Major blow' as UK borrowing soars to £10.7bn

'Major blow' as UK borrowing soars to £10.7bn
The figure for February was higher than expected, heaping pressure on the Chancellor ahead of her Spring Statement on Wednesday.
The government's independent forecaster had predicted borrowing would be £6.5billion for the month. Borrowing is the difference between spending and income from taxes.
Liberal Democrat Treasury spokeswoman Daisy Cooper MP said: "The concerning figures are yet another major blow to the Chancellor's faltering plan for growth, and show her approach is simply not working.
"The Chancellor has failed to turn the page on the years of Conservative economic vandalism. Instead, Reeves's jobs tax will hammer small businesses, painting herself into a corner on her own fiscal rules.
"The only way to rebuild our public services is through meaningful growth, but unless the Chancellor sees sense and scraps her jobs tax at the Spring Statement, hardworking families and small businesses will continue to pay the price."
Economists have suggested Ms Reeves will announce spending cuts on Wednesday to meet her self-imposed rules for the economy, which the Treasury reiterated were "non-negotiable".
Overall spending on public services increased in February compared with the same month last year, with things such as social benefits and investment spending higher than had been forecast, the Office for National Statistics revealed.
Darren Jones, Chief Secretary to the Treasury, said: “We must go further and faster to create an agile and productive state that works for people. That’s why we're refocusing the publ...
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Daily Express (Digital) - 1 Issue, March 22, 2025

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