Fall in borrowing fuels talk of tax cuts

A DROP in government borrowing last month has stoked speculation of more tax cuts in 2024, before a likely general election.

- Michael Hunter

February’s headline figure of £8.4 billion was the fourth straight monthly decline, down from £11.8 billion in 2023.

The amount raised on the capital markets to fund the state in the financial year so far is now at its lowest in four years, £106.8 billion.

After the Budget slashed National Insurance for millions of workers last month, putting about £10 billion in the pockets of employees, there has been talk of further cuts in what is likely to be an election year.