Public sector net borrowing in the UK rose to £20.7 billion in June, which was £6.6 billion higher than the same month last year and the second-highest figure recorded for June since 1993. Economists had anticipated a rise to £16.5 billion. The increase comes as Chancellor Rachel Reeves prepares for a challenging autumn budget amid speculation about necessary tax increases to address a multibillion-pound shortfall due to recent government welfare reversals. The economy has also faced contractions, rising unemployment, and inflation, intensifying pressure on public finances.
Public sector net borrowing in the UK rose to £20.7 billion in June, significantly exceeding economists' expectations and marking the second-highest June figure since records began.
The chancellor, Rachel Reeves, is under pressure to address a £30 billion shortfall against fiscal rules due to rising public borrowing, sluggish economic performance, and increased demands for tax reforms.
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