UK government borrowing surged to 17.8 billion in December, exceeding forecasts and heightening pressure on Rachel Reeves to initiate budget cuts ahead of a summer spending review. This figure is notably higher than anticipated, with spending on services, benefits, and debt interest payments contributing to the increase. The rise in borrowing occurred prior to recent global bond market turmoil, which previously pushed yield rates to their highest since 1998. The Treasury emphasizes the importance of economic stability and is set to examine government expenditures minutely to eliminate waste and promote effective use of public funds.
The cost of UK government borrowing unexpectedly jumped to 17.8bn last month, piling pressure on Rachel Reeves to plan budget cuts before a spending review in the summer.
Through our Spending Review we will interrogate every line of government spending for the first time in 17 years, rooting out waste and ensuring taxpayer money is spent productively.
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