The Office for National Statistics reported a substantial increase in public sector net borrowing, reaching £151.9 billion for the latest financial year, surpassing the predicted figure of £137.3 billion by the Office for Budget Responsibility. This represents the third-highest borrowing recorded since 1947. ONS chief economist Grant Fitzner noted that while government income had risen, expenditures surged more significantly, driven by inflation costs. Chancellor Rachel Reeves acknowledged the global economic shift and its local impacts, while critics, including Shadow Chancellor Mel Stride, condemned government fiscal management.
The world has changed and we are in a new era of global trade.
We are laser-focused on making sure taxpayer money is delivering our Plan for Change missions.
Collection
[
|
...
]