British government debt rose to the highest level in almost 60 years last month and retail sales slumped. business uk government debt kprc2 click2houston
Government borrowing increased to 20 billion pounds in September, 2.2 billion pounds more than in September 2021 and 5.2 billion pounds more than forecast in March by the independent Office for Budget Responsibility, the ONS said.
Hunt said this week that the government would have to raise taxes and reduce spending to restore faith in the public finances, but he refused to say what programs would be affected until he delivers his new economic plan to Parliament on Oct. 31. The plan will be accompanied by analysis from the Office for Budget Responsibility showing how it is likely to affect public borrowing.
“That means decisions of eye-watering difficulty,” Hunt told the House of Commons after taking over. “But I give the House and the public this assurance: every single one of those decisions, whether reductions in spending or increases in tax, will prioritize the needs of the most vulnerable.” Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
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