The government is hemorrhaging nearly a billion pounds daily on benefits, squeezing Chancellor John Healey as he prepares for his first major Budget. Borrowing surged past expectations due to soaring welfare and pension costs, shrinking his fiscal headroom from £24 billion to under £8 billion. With rising global borrowing costs and mounting pressure to fund housing and social care without triggering tax hikes or market panic, the Chancellor faces an impossible balancing act—where every decision could ripple through the economy.
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