The UK is borrowing more money than at any time since the Covid pandemic, new official figures show in a huge blow to Rachel Reeves . Borrowing for the financial year to date is £116.8 billion, which is £9 billion higher than the same period a year ago. And the the Treasury was forced to borrow £17.4 billion in October alone, more than expected.

The finance data shows why the Chancellor will be forced to increase taxes in next week’s Budget. But Conservatives said she should have avoided inflicting more pain on cash-strapped households by getting spending under control instead. Sir Mel Stride, Shadow Chancellor of the Exchequer, said: “Borrowing so far this year has been the highest on record outside the pandemic.

Rachel Reeves suffers huge blow as Budget ‘to trigger exodus’

See Full Page