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What now for Reeves after cost of borrowing surges?
The Independent
|July 23, 2025
A bit of a shocker has emerged on the public finances, and it is unambiguously bad news. Britain borrowed some £20.7bn last month - the second-highest June figure since records began in 1993 and behind only the panicky pandemic year of 2020.
It was £6.6bn higher than in June 2024, and as much as £16.4bn of the total was accounted for by debt interest. Worse than any of that, it was higher than City expectations. The gilt market was further discomfited. Pressure on the public finances is plainly not easing...
Why is government borrowing so high?
Inflation, is the short answer. It was up again last month and is likely to edge higher in the coming months, thanks to a bump up in energy costs. About a quarter of UK debt is index-linked to prices, which means that any uptick in official inflation feeds directly through to the public finances. And domestic pressures on public spending remain acute. Britain's government pays more to borrow funds than most comparable advanced economies thanks to Brexit, Trump's trade wars, Covid recovery, and longer-term weakness in investment and productivity.
What can Rachel Reeves do about it?
Dit verhaal komt uit de July 23, 2025-editie van The Independent.
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