Chancellor's borrowing is 'eye-watering ...and you are paying for it'

LABOUR'S economic woes deepened yesterday, as figures showed a surge in Government borrowing.

- By David Williamson

The Tories accused the Chancellor of “piling up debt” and warned British people were paying for Rachel Reeves’s choices.

It came as the Office for National Statistics said public sector net borrowing hit £151.9billion for the 12 months to the end of March.

It is £20.7billion more than in the previous year, £14.6billion more than expected and the third highest level since records began in 1947.

Shadow Chancellor Mel Stride said: “These eye-watering sums are being paid for by hard-working people through higher taxes, higher prices and higher mortgage rates.”

Cuts

In a further blow for Ms Reeves, figures showed activity across the private sector has plunged to its lowest in more than two years.

The news came on the heels of the International Monetary Fund downgrading the UK’s growth forecast for this year, from 1.6% to 1.1%.

Meanwhile, there are fears worse is yet to come when Britain feels the full force of higher employers’ National Insurance contributions and Donald Trump’s import tariffs.