UK Public Borrowing Hits New High Before Budget Announcement Chancellor Rachel Reeves faces tough decisions with rising debt and spending challenges before October's fiscal plansThe UK is at a financial crossroads as public borrowing surged to £16.6 billion for September, marking the third-highest level for this month since records began. Treasury Chief Secretary Darren Jones poignantly noted, "We have inherited a £22 billion black hole... Resolving this black hole at the Budget next week will require tough choices." Analysts suggest this increase signals heightened costs for government borrowing, effectively creating what senior technical analyst Axel Rudolph described as "a perfect storm for borrowing costs." Observers are particularly wary of any knee-jerk reactions from markets, especially against the backdrop of the recent £22 billion black hole claim.

Source: Bangladesh Sangbad Sangstha October 22, 2024 16:42 UTC