Chancellor Rachel Reeves will deliver her Budget on Wednesday against a backdrop of rising unemployment and higher-than-forecast Government borrowing, but amid signs this year’s spike in inflation may have peaked.

Here, the PA news agency looks at five key economic indicators that are likely to shape both the content and the tone of Ms Reeves’ speech.

– Borrowing

Government borrowing for the current financial year is running at a higher level than forecast and is the highest on record outside the Covid-19 pandemic.

Borrowing stood at £116.8 billion for the seven months from April to October 2025, according to figures published last week by the Office for National Statistics (ONS).

This is £9.9 billion more than the £106.9 billion forecast for this period by the Office for Budget Respo

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