Rachel Reeves is under mounting pressure (Image: Getty)
Chancellor Rachel Reeves is accused of “maxing out” Britain’s credit card with the latest figures showing Britain has borrowed nearly ￡13billion more than expected.
This comes as companies are slashing jobs at the fastest rate in more than four years, with bosses blaming the Chancellor’s Budget.
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Public sector borrowing was ￡12.8bn more than the Office for Budget Responsibility forecast for the 10 months to January. This has raised fears Ms Reeves will be forced to announce tax hikes or spending cuts next month.
Shadow Chancellor Mel Stride warned that under Labour the country is stuck in a “vicious cycle of higher debt, rising inflation, and increasing taxes”.
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The grim figures came as shopkeepers issued an emergency warning of higher prices if they are hit with a ￡7billion hike in costs as a result of Ms Reeves’s Budget and new red tape.
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Mr Stride warned that “millions are paying the price of this economic mismanagement”.
He said: “The latest borrowing figures expose the true cost of Labour’s reckless economic policies. Instead of reining in spending, the Labour Chancellor has piled billions onto the national debt by maxing out the national credit card.”
The decline in staffing numbers in February was the sharpest since November 2020, according to S&P Global.
Chief business economist Chris Williamson warned of “job losses mounting amid falling sales and rising costs”.
The looming hike in employers’ National Insurance contributions and the increase in the minimum wage is a key reason behind price rises and job cuts.
And the increasing pressure on the public finances comes as Ms Reeves faces cross-party calls to boost spending on defence.
Chief Secretary to the Treasury Darren Jones said the Government is “committed to delivering economic stability and meeting our non-negotiable fiscal rules”.
The Government normally sees a budget surplus in January due to tax self-assessment payments. While this January’s of ￡15.4billion is the largest since monthly records began in 1993, it is less than the ￡20.5billion that had been predicted.
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And although the latest sales figures show a 2.6% increase, Kris Hamer of the British Retail Consortium warned of the dire challenges facing the high street.
He said: “Retailers put on extensive promotions, and customers who were looking to upgrade their furniture and household electrical appliances made the most of the many bargains that there were to be had. But, with consumer expectations for the economy falling almost 40 points since July 2024 and an unsteady job market, the next few months are hard to predict.
“This boost to sales barely touches the sides of the ￡7billion in new costs from the Budget and packaging levy facing the industry this year. The industry is already paying more than its fair share of tax and with retailers already doing all they can to absorb existing costs, retailers will be left with little choice but to increase prices or reduce investment in jobs and shops, or