Government borrowing jumped unexpectedly last month to the second highest February level since records began amid warnings of a “double squeeze” for the public finances from the Iran conflict.
The Office for National Statistics (ONS) said public sector borrowing stood at £14.3 billion in February, £2.2 billion higher than a year ago and nearly double the £7.4 billion forecast by the UK’s fiscal watchdog, the Office for Budget Responsibility (OBR), in November last year.
