UK finances 'chronically weak', Reeves is warned

THE Chancellor has been warned the public finances are “chronically weak” despite a record tax haul.

- By Christian Calgie

Borrowing since the start of April reached £60billion, almost £7bn more than the same four months last year, the Office for National Statistics said.

Rachel Reeves had received a short-lived boost when figures showed borrowing slowed to an unexpected £1.1bn in July, £2.3bn less than the same month last year and the lowest July in three years.

This was driven by a record £100bn in tax receipts, including £2.6bn from Labour’s rise’ in employer national insurance contributions.