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The Guardian - UK
The Guardian - UK
Business
Phillip Inman

UK borrowing jumps unexpectedly, adding to pressure on Rachel Reeves

People walk past the Bank of England in London
The yield on UK 30-year bonds rose last week to its highest level since 1998. Photograph: Tolga Akmen/EPA

UK government borrowing jumped unexpectedly to £17.8bn last month, piling pressure on Rachel Reeves to plan budget cuts before a spending review in the summer.

Local authorities were the cause of much of the rise after they borrowed an extra £4.1bn in contrast to central government departments that stuck to borrowing limits, according to the Treasury’s independent economic forecaster.

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