Chancellor Rahel reeves Is facing Further pressure on Britain’s public finance The high-to-the-service government appeared after the official figures Borrow Last month due to loan interest payment.
Office for National Statistics (Ons) Said June borrowing to £ 20.7 billion last month – £ 6.6bn more than a year ago and the second highest June borrowing since the record started, was seen only at the height of the epidemic in 2020.
Ons Said that the interest payable on the loan jumped to £ 16.4BN due to the major increase in government bonds associated with the index affecting inflation affecting inflation.
June Borrowing was more than £ 17.6bn expected by most economists and £ 17.1BN forecast by UK’s independent economic forecast, office for budget responsibility (OBR,
Statistics have feared that the government will be Forced to increase taxes in autumn budgetWith measures to help the Chancellor to balance the books, with experts warning on “sin”.
Bank of England Governor Andrew Bailey On Tuesday, the MPs were told that it was “not disabled” from an increase in the borrowing of the government.
But Mr. Bailey insisted Shocking The selection committee session was part of a global trend.
He said, “The cost of borrowing has increased … but the important thing is that it is a global event,” he said.
According to ONS, the loan to date for the first three months of the financial year was £ 57.8bn, £ 7.5bn, 2024 more than a period of three months.
The ONS stated that the so-called compulsory social contribution, largely up with the National Insurance Contribution (NICS), was recorded from £ 3.1BN last month to jump from £ 17.5bn for the highest.
In the first three months of today’s financial year, this compulsory social contribution increased to £ 48bn, marked at £ 7.5bn year and another record.
It followed this step Rahel reeves To increase NIC for employers in April, which has seen the cost of wages for firms in the UK as they have faced an increase in minimum wages in the same month.
The net loan of the public sector except public sector banks was at £ 2.87tRN at the end of June and was 96.3 percent of the estimated domestic product (GDP), 0.5 percent higher than a year ago and remained at the final level in the early 1960s.
Treasury Chief Secretary Darren Jones said: “We are committed to hard fiscal rules, so we do not borrow for day to day expenses and receive loans as part of our economy.”
Rob Wood, an economist at the Panthian macroeconomics, said that the Chancellor is a “major problem”, which is made by a U-turn on the possible downgrade for the first-planned cost cut and OBR development forecast. ,
He said: “We guess that the £ 9.9bn of the Chancellor’s headroom has turned into a £ 13bn hole, which means that Ms. Reeves will need to cut a slightly higher tax or spending in the autumn budget to restore the slim margin of the headroom.
“We hope that ‘sin’ and duty hike, cold and a pension tax raids for an additional year in 2029 – to restore a lifetime limit on pension utensils and cut relief – to fill most holes.”
Shadow Chancellor Sir Mail strid Said: “Rachel Reeves is spending money that he does not have.
“The cost of taxpayers already in loan interest is £ 100bn one year – almost twice the defense budget – and it is estimated to increase to £ 130BN on the labor watch.”
PWC UK economist Nabil Taleb said: “OBR recently stated that the UK now has the third highest borrowing cost among advanced economies and with global uncertainty, especially around the influence of American policy, the cost of service of UK loan can climb even more.”
