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Evening Standard
Evening Standard
Business
Holly Williams

Tax hike fears mount after government borrowing jumps in May

Rachel Reeves Office for National Statistics Insurance
Chancellor Rachel Reeves increased employer national insurance contributions in April (Owen Humphreys/PA) - (PA Wire)

Fears the Chancellor will raise taxes in the autumn have been fuelled after official figures showed the highest May government borrowing outside the pandemic despite a tax boost from the national insurance hike.

The Office for National Statistics (ONS) said borrowing surged to £17.7 billion last month, the second highest figure on record for May, surpassed only at the height of Covid.

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