According to the Office for National Statistics ( ONS ), public sector net borrowing stood at £3.1billion in July.
Chancellor Rachel Reeves saw the Government borrow £3billion more than forecast last month as she continues to prepare for her first Budget this autumn.
Ms Reeves is reportedly considering raising inheritance tax and capital gains tax at her Budget on 30 October, while she could also oversee a squeeze on public spending. According to the Office for National Statistics , public sector net borrowing stood at £3.1billion in July The Local Government Association said a long-term settlement was 'vital' to ensure councils could regenerate their existing housing stock and invest in new stock.
This was £500 million less than in the same four-month period a year earlier, but the fourth highest year-to-July borrowing since monthly records began in January 1993. Jessica Barnaby, deputy director for public sector finances at the ONS, said: 'Revenue was up on last year, with income tax receipts in particular growing strongly.
'The combination of in-year spending pressures identified at last month's spending audit and the ongoing, and well known, pressures facing many public services suggest that the accompanying spending review for 2025-26 could be a particularly difficult exercise.'
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