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Pressure builds on UK finances as Reeves pushes for US trade deal


//business-finance.news-articles.net/content/202 .. finances-as-reeves-pushes-for-us-trade-deal.html
Published in Business and Finance on by BBC   Print publication without navigation

The government borrowed more than expected last year, placing more pressure on the public finances ahead of the full impact of US tariffs.

The UK government's borrowing for financial support was higher than expected in December, reaching 27.4 billion pounds, which was 12.7 billion pounds more than the previous year, primarily due to increased energy support costs and higher interest payments on inflation-linked debt. Despite this, the overall borrowing for the first nine months of the fiscal year was 116.9 billion pounds, which is 7.6 billion pounds less than the previous year, attributed to a strong labor market boosting tax revenues. The Office for Budget Responsibility forecasts that borrowing for the entire 2022-23 fiscal year will be around 177 billion pounds, influenced by factors such as energy support schemes, rising debt interest, and a slowing economy.

Read the Full BBC Article at:
[ https://www.aol.com/news/government-borrowing-financial-higher-expected-062416268.html ]

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