Government Borrowing Reaches Highest Level Since Pandemic, Surpassing Expectations
New official data released today by the Office for Budget Responsibility (OBR) has revealed that government borrowing in July was significantly higher than expected, reaching its highest level since the start of the pandemic.
The OBR had projected government borrowing to be at £46.6 billion for the month of July. However, the data shows that borrowing actually reached £51.3 billion, surpassing expectations by £4.7 billion.
In light of these unexpected figures, our economics and data editor Ed Conway joined Sky News host Niall Paterson to discuss the rise in government borrowing and the potential implications for Chancellor Rachel Reeves at the upcoming October budget.
Additionally, Sky News’ chief political correspondent Jon Craig weighed in on the Labour party’s claims of dealing with inherited problems, questioning how long this justification will hold up.
For more analysis and insights on this developing story, tune in to the Sky News Daily podcast every day at 5pm. Follow us for updates and don’t miss out on our in-depth coverage. The podcast is produced by Soila Apparicio and edited by Wendy Parker.