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Evening Standard
Evening Standard
Business
Holly Williams

New Chancellor given pre-Budget challenge as borrowing jumps unexpectedly

Budget John Healey OBR
The fiscal squeeze facing new Chancellor John Healey ahead of his inaugural Budget has been laid bare as official figures showed government borrowing rose to £1.8 billion last month (Yui Mok/PA) - (PA Wire)

The fiscal squeeze facing new Chancellor John Healey ahead of his inaugural Budget has been laid bare as official figures showed government borrowing unexpectedly rose to £1.8 billion last month.

The Office for National Statistics (ONS) said government borrowing stood at £1.8 billion in July, £700 million or 68.7% higher than a year ago and confounding expectations.

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