Britain’s Borrowing Outlook Darkens as Energy Shock Deepens

Britain’s Borrowing Outlook Darkens as Energy Shock Deepens

Chancellor Rachel Reeves has been warned that government borrowing is set to spike as a result of the Iran war, as the Office for Budget Responsibility admitted it had underestimated the effects of the last energy price shock.  In a review of its forecasting models, the OBR suggested it had learned lessons from Russia’s full-scale invasion of Ukraine, which led to gas prices rising by around five times.  It said the overall impact on public fina…

Rachel Reeves blows £60bn hole in UK's finances with out-of-control borrowing

Eye-watering overspend driven by a rising welfare bill that has ballooned out of control

Rachel Reeves under pressure as UK borrowing £60BILLION higher than first thought after OBR blunder

Britain’s fiscal watchdog has admitted it underestimated Government borrowing by around £60billion across successive forecasts in a fresh setback for Chancellor Rachel Reeves and her economic strategy.The Office for Budget Responsibility (OBR) published its latest evaluation report on Tuesday, acknowledging substantial inaccuracies in its projections for borrowing and economic growth.The watchdog also conceded it had been overly optimistic about…