Rachel Reeves faces tough choices as Keir Starmer beefs up his No 10 team ahead of the Budget

Let’s be clear, staggering borrowing figures despite substantial tax rises are a direct result of excess spending, says Ewen Stewart

When numbers become big they start to lose meaning. The latest public sector borrowing numbers published by the ONS are big. But let’s make no mistake, borrowing £18bn in one month has very great meaning.

Despite very substantial tax rises Britain borrowed £18bn in August taking total net new borrowing for the year to date to £84bn, some £16bn greater than at this time last year. The OBR forecast deficit for the year is yet again likely to be a material underestimate with the UK likely to borrow around £160bn for the year if the current trajectory is maintained.

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