Chancellor Rachel Reeves’s financial headache has been inflamed by a surprise jump in borrowing in December, when it leapt to a four-year high of nearly £18bn.
The Office for National Statistics (ONS) said public sector net borrowing stood at £17.8bn last month – the third-highest figure for any December on record. Borrowing was £10.1bn higher than in the same month the year before, and significantly higher than the £14.1bn expected by most economists.
