UK public sector borrowing was higher than expected in June, according to official statistics that demonstrate the scale of the challenge facing new chancellor Rachel Reeves to restore the health of the nation’s finances.
Borrowing — the difference between public sector spending and income — was ￡14.5bn in June, the Office for National Statistics said on Friday. That was ￡3.2bn less than in June 2023, and the lowest June borrowing since 2019, but higher than the ￡11.6bn forecast by the Office for Budget Responsibility.
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