US EditionUK borrowing climbs as inflation pushes up debt costs
UNITED KINGDOM, JUL 22 – June borrowing reached £20.7 billion, driven by a £16.4 billion rise in debt interest costs linked to inflation and higher interest rates, marking the second highest June on record.
- Last month, government borrowing rose to £20.7 billion in the UK, the second-highest June figure since records began, according to the Office for National Statistics .
- Following rising inflation, interest payments surged; the Office for National Statistics said interest payable on debt rose to £16.4 billion, and costs of public services outpaced tax and NIC revenues.
- Compared with June last year, borrowing was £6.6 billion higher, while compulsory social contributions rose by £3.1 billion to £17.5 billion.
- Tougher political scrutiny emerged as ONS data showed June borrowing exceeded forecasts, complicating Reeves' goal to balance by 2030.
- Forecasts show debt interest rising to £130 billion, while borrowing rates stand at their highest since the late 1990s.
Insights by Ground AI
Does this summary seem wrong?
27 Articles
27 Articles
Coverage Details
Total News Sources27
Leaning Left6Leaning Right4Center8Last UpdatedBias Distribution44% Center
Bias Distribution
- 44% of the sources are Center
44% Center
L 33%
C 44%
R 22%
Factuality
To view factuality data please Upgrade to Premium
