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International Business Times
International Business Times
Business
Olivier DEVOS, Joe JACKSON

Rise In UK Borrowing Narrows Budget Options For New Govt

Office for National Statistics United Kingdom Rachel Reeves Anxiety
UK finance minister Rachel Reeves will unveil her first budget on October 30 (Credit: AFP)

UK government borrowing jumped by far more than expected in July, official figures showed Wednesday, stoking fresh anxiety for the new Labour government ahead of its first budget in just over two months.

Finance minister Rachel Reeves has already warned of "difficult decisions" over whether to cut spending or hike taxes on October 30, and the latest numbers will do little to ease those concerns.

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