UK 'not immune' to global rise in cost of borrowing

RACHEL Reeves has sought to blame deteriorating public finances on a global rise in borrowing costs as she prepares to unveil a spring statement widely expected to include spending cuts.

- 

Speaking to broadcasters ahead of her statement today, the Chancellor said Britain had not been “immune” from global increases in the cost of government debt.

But she insisted she would meet her “non-negotiable” fiscal rules despite expectations that official forecasts also published today would show that her “headroom” against those targets had vanished.

She said: “We can see that the world is changing, and part of that change is increases globally in the cost of government borrowing - and Britain has not been immune from those challenges.