£20bn in tax rises loom as borrowing in August soars

BUDGET Rachel Reeves

- BY GRAHAM HISCOTT Head of Business

TAX hikes of at least £20billion now look inevitable in November's Budget, experts warn.

Economists say Chancellor Rachel Reeves will be forced into the increase on November 26 because government borrowing last month was August's second highest on record State spending outstripping tax collected meant the government took on another £18billion of debt last month, the Office for National Statistics said.