""This government has a plan to bring down borrowing because taxpayer money should be spent on the country's priorities, not on debt interest. Our focus is on economic stability, fiscal responsibility, ripping up needless red tape, tearing out waste from our public services, driving forward reforms, and putting more money in working people's pockets.""
""National insurance and tax is "noticeably" higher compared to 2024, this was offset by higher spending on benefits, interest payments on debt and public services.""
""The last time borrowing was so high was during Covid in 2020 with the furlough programme, according to the Office for National Statistics.""
Chancellor Rachel Reeves faces a fiscal challenge after government borrowing reached £18 billion in August, the highest five-year level. The Office for National Statistics notes the last comparable peak occurred during the 2020 Covid furlough programme. National insurance and tax receipts are "noticeably" higher compared with 2024, but those gains were offset by greater spending on benefits, higher interest payments on debt, and increased public service costs. The government states a plan to reduce borrowing, emphasizing economic stability, fiscal responsibility, cutting red tape, eliminating waste in public services, pursuing reforms, and increasing take-home pay for working people.
Read at London Business News | Londonlovesbusiness.com
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