UK Government Borrowing Surges to £3.1bn in July

Chancellor Rachel Reeves faces tough budget decisions as public spending outpaces revenue growth.

• July borrowing was £3bn higher than forecast, reaching the highest level since 2021.
• Public spending rose significantly due to increased costs of services and benefits.
• Income tax receipts grew strongly, but were offset by higher government expenditures.
• The UK's national debt remains at its highest level since the 1960s.
• Reeves is expected to announce tax increases and spending cuts in the upcoming budget.

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