live

       UK Chancellor Rachel Reeves (Image: Getty)

       Chancellor Rachel Reeves was accused of “piling up debt” which British people will pay for in higher taxes, as official figures today showed she had borrowed ￡14 billion more than planned.

       Borrowing in the financial year that ended at the start of April was a staggering ￡151.9 billion - ￡14.6 billion more than expected and ￡20.7 billion more than in the same twelve-month period a year earlier, when the Conservatives were in power.

       Conservative Shadow Chancellor Mel Stride said: “This morning’s figures lay bare the price the British people are paying for Rachel Reeves’ choices.

       “These eyewatering sums are being paid for by hardworking people through higher taxes, higher prices and higher mortgage rates.”

       Powered By

       10 Sec

       Katie Waissel has 'infection' following nasty kitchen accident

       Next

       Stay

       The Chancellor is in Washington to meet finance ministers from across the world including US Treasury Secretary Scott Bessent. She is hoping to convince the US to cut or end 25% tariffs on British-made cars, and a 10% tariff on most other British exports.

       Sponsored

       Online Shopping Tools | Sponsored Sponsored

       Amazon Is Losing Money as Nevada Shoppers Are Canceling Prime for This Clever Hack

       Undo

       The economy may come up when Kemi Badenoch grills Sir Keir Starmer at PMQs in the Commons latewr. The Conservative leader could also ask the Prime Minister about the landmark Supreme Court ruling on the definition of a woman.

       FOLLOW BELOW FOR LIVE UPDATES:

       8 hours ago10:24 Jonathan Walker

       Trump's tariffs add to pressure on the Chancellor

       Matt Swannell, chief economic adviser to the EY Item Club, said: “Having ended the year on a poor footing, recent US tariffs are only going to make the UK fiscal arithmetic more challenging.”

       He said that Chancellor Rachel Reeves’ recent spring statement “only left a slim margin for error against the fiscal rules”, which limit the Government’s ability to borrow to fund day-to-day spending.

       “Most of this will likely be used up as the combination of reduced access to a major export market, a weaker global economy, and lingering uncertainty is set to hold back growth,” Mr Swannell said.

       Elliott Jordan-Doak, senior economist for Pantheon Macroeconomics, agreed that “fracturing global trade and geopolitical uncertainties are going to make the Chancellor’s life even more difficult”.

       Mr Trump’s sweeping tariffs on US imports are expected to impact UK economic growth, “which will further weigh on the public finances”, he warned.

       “The public finances were already in a difficult position heading into the trade war, and we think both taxes and borrowing will need to be raised in the October budget,” he added.

       Family Thought They Adopted A "Dog." When The Vet Sees It, He Screams, "Oh My God"universalinfonet.com | Sponsored Sponsored

       Undo

       9 hours ago09:18 Jonathan Walker

       See the chart that shows how debt has risen

       The Office for National Statistics, the official body that collects data, has published a chart showing how debt rose.

       See the full details here

       9 hours ago09:18 Jonathan Walker

       Rachel Reeves vows to act in Britain's interests

       Chancellor Rachel Reeves, who is spending three days in the US capital Washington DC for the IMF’s spring meetings, said: “The world has changed and we are in a new era of global trade.

       “I am in no doubt that the imposition of tariffs will have a profound impact on the global economy and the economy at home.”

       But she said that the Government should not be “knocked off course or to take rash action” and vowed to “always act to defend British interests”.

       9 hours ago09:17 Jonathan Walker

       Voters will pay the price say Tories

       Mel Stride MP, Shadow Chancellor, said:

       "This morning’s figures lay bare the price the British people are paying for Rachel Reeves' choices.

       "By fiddling the fiscal rules, increasing borrowing by ￡30 billion a year and piling up debt - these figures are alarming but not surprising.

       "These eyewatering sums are being paid for by hardworking people through higher taxes, higher prices and higher mortgage rates.’"

       Lunavia | Sponsored Sponsored

       Top Podiatrist: This Mixture Burns out The Fungus After The First Use

       Undo

       Novelodge | Sponsored Sponsored

       Dog licks arent kisses. Heres what your dog really means when it licks you.

       Undo

       DON'T MISS

       Powered by

       Rachel Reeves warned she can't blame Trump as IMF slashes UK growth forecast

       61 Comments

       Donald Trump expected to sign UK trade deal within three weeks in new White House update

       222 Comments

       Rachel Reeves defends China links after British Steel madness: 'Very foolish'

       244 Comments

       Economy LIVE: Rachel Reeves in Washington for crisis talks amid meltdown

       176 Comments

       Rachel Reeves' stealth tax raid that will cost pensioners ￡3,000

       90 Comments

       Mortgage lenders slash rates delivering savings worth up to ￡5,000 over 2 years

       Comments

       DWP asks banks for 'three months of statements' on all benefits claimants

       16 Comments

       Rachel Reeves meltdown as her popularity crashes to record low in damning new poll

       543 Comments

       No. 10 finally reveals Keir Starmer, Angela Rayner and Rachel Reeves' tax returns in full

       181 Comments

       Martin Lewis urges Cash ISA savers to 'use allowance now' as ￡20,000 limit at risk

       2 Comments

       Sir Keir Starmer warned he has 'weeks' to save thousands of UK jobs because of Trump

       Comments

       Donald Trump's 5-word verdict on China trade war as he drops hint at what happens next

       3 Comments

       EU civil war erupts as members plot to oust another nation from key Eurozone talks

       12 Comments

       Rachel Reeves's master plan is in complete tatters - she has no idea how to fix this mess

       580 Comments

       The New Gold Coast CollectionYETI | Sponsored Sponsored

       Shop Now

       Donald Trump to decide if it's deal or no deal on US-UK trade as Reeves heads to US

       21 Comments

       US Vice President JD Vance hints at 'great' trade deal with Britain thanks to late Queen

       279 Comments

       Free Mother's Day CustomizationYETI | Sponsored Sponsored

       Shop Now

       Only one man can prevent global economic meltdown - and Donald Trump wants his head

       36 Comments

       Rachel Reeves jets to US to beg Donald Trump to end tariff chaos

       102 Comments

       Skyrizi vs. Taltz for Plaque Psoriasis and Psoriatic Arthritis: Important Differences and Potential Risks.GoodRx | Sponsored Sponsored

       Rachel Reeves relief as inflation dips to 2.6% - but worse is on the way

       162 Comments

       Pensioner squeeze - spending money after essentials hits decade low

       20 Comments

       Most Forex Traders Fail—But This Simple Tool Could Change EverythingFX Market Insights | Sponsored Sponsored

       Read Now

       Rachel Reeves warned she can't blame Trump as IMF slashes UK growth forecast

       61 Comments

       Donald Trump expected to sign UK trade deal within three weeks in new White House update

       222 Comments

       Cosentyx vs. Taltz for Plaque Psoriasis and Psoriatic Arthritis: Important Differences and Potential Risks.GoodRx | Sponsored Sponsored

       Rachel Reeves defends China links after British Steel madness: 'Very foolish'

       244 Comments

       Economy LIVE: Rachel Reeves in Washington for crisis talks amid meltdown

       176 Comments

       One of the Seven Natural Wonders of the World: Iguazú FallsMeliá Hotels | Sponsored Sponsored

       Book Now

       Rachel Reeves' stealth tax raid that will cost pensioners ￡3,000

       90 Comments

       Mortgage lenders slash rates delivering savings worth up to ￡5,000 over 2 years

       Comments

       The perfect getaway with a special offer.Meliá Hotels | Sponsored Sponsored

       Book Now

       DWP asks banks for 'three months of statements' on all benefits claimants

       16 Comments

       Rachel Reeves meltdown as her popularity crashes to record low in damning new poll

       543 Comments

       No. 10 finally reveals Keir Starmer, Angela Rayner and Rachel Reeves' tax returns in full

       181 Comments

       Martin Lewis urges Cash ISA savers to 'use allowance now' as ￡20,000 limit at risk

       2 Comments

       Sir Keir Starmer warned he has 'weeks' to save thousands of UK jobs because of Trump

       Comments

       Donald Trump's 5-word verdict on China trade war as he drops hint at what happens next

       3 Comments

       EU civil war erupts as members plot to oust another nation from key Eurozone talks

       12 Comments

       Rachel Reeves's master plan is in complete tatters - she has no idea how to fix this mess

       580 Comments

       Donald Trump to decide if it's deal or no deal on US-UK trade as Reeves heads to US

       21 Comments

       US Vice President JD Vance hints at 'great' trade deal with Britain thanks to late Queen

       279 Comments

       Only one man can prevent global economic meltdown - and Donald Trump wants his head

       36 Comments

       Rachel Reeves jets to US to beg Donald Trump to end tariff chaos

       102 Comments

       Rachel Reeves relief as inflation dips to 2.6% - but worse is on the way

       162 Comments

       Pensioner squeeze - spending money after essentials hits decade low

       20 Comments

       Rachel Reeves warned she can't blame Trump as IMF slashes UK growth forecast

       61 Comments

       Donald Trump expected to sign UK trade deal within three weeks in new White House update

       222 Comments

       Rachel Reeves defends China links after British Steel madness: 'Very foolish'

       244 Comments

       Economy LIVE: Rachel Reeves in Washington for crisis talks amid meltdown

       176 Comments

       Rachel Reeves' stealth tax raid that will cost pensioners ￡3,000

       90 Comments

       Mortgage lenders slash rates delivering savings worth up to ￡5,000 over 2 years

       Comments

       DWP asks banks for 'three months of statements' on all benefits claimants

       16 Comments

       9 hours ago09:16 Jonathan Walker

       Higher public sector wages to blame for debt says expert

       Grant Fitzner, the Office for National Statistics chief economist, said: “Our initial estimates suggest public sector borrowing rose almost ￡21 billion in the financial year just ended as, despite a substantial boost in income, expenditure rose by more, largely due to inflation-related costs, including higher pay and benefit increases.

       “At the end of the financial year, debt remained close to the annual value of the output of the economy, at levels last seen in the early 1960s.”

       Trending

       SUBSCRIBE Invalid email

       We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. Read our Privacy Policy