The government’s borrowing surged unexpectedly in July, overshooting forecasts by $2.3 billion — a 67% jump from last year — putting pressure on the Chancellor and Prime Minister to balance cost-of-living plans with tight fiscal discipline. While income tax receipts helped reduce borrowing by $16 billion compared to June, higher welfare spending added $2 billion over last year. Over the first four months of the fiscal year, total borrowing hit $56.7 billion — $2.3 billion above projections — as national debt inches toward $3 trillion, growing by $127.2 billion in the past year. Economists warn this trend could worsen, adding strain to economic recovery efforts.
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