Borrowing Beyond Budget The new Chancellor, John Healey, has inherited a significant fiscal challenge: mounting government borrowing. According to the Office for National Statistics, the UK's debt has reached £2.
985 trillion, just shy of the £3 trillion milestone, and borrowing stood at £18 billion in July – an increase of 68. 7% over last year.
The latest figures contradict the Office for Budget Responsibility's prediction of a surplus of £500 million in July. Instead, borrowing soared despite a record month for income tax receipts.