Chancellor faces criticism as billionaires warn of a potential 'debt death spiral' for the UK due to soaring government borrowing, now at its highest in four years at £17.8 billion. Hedge fund tycoon Ray Dalio points to instability in the bond market, while Sir Martin Sorrell highlights waning business confidence and confusion over the recent Budget, questioning the absence of a growth strategy amid increased taxes. Analysts express concern that mounting debts will necessitate further borrowing or tax hikes, posing risks to economic stability.
This looks like a debt death spiral in the making because it will either require more borrowing to service the debt or squeeze out other spending.
Business leaders' confidence has deteriorated quite seriously. There's been a bemused response to the Budget, lacking a clear growth plan post-tax increases.
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