Rolling coverage of the latest economic and financial news, as UK deficit hits £3.1bn in July – ahead of City forecasts of £1.5bnRachel Reeves planning to raise taxes and cut spending in October budgetThe jump in UK government borrowing last month shows the “dire inheritance” left by the previous government, says chief Secretary to the Treasury Darren Jones:“Today’s figures are yet more proof of the dire inheritance left to us by the previous government.“A £22 billion black hole in the public finances this year, a decade of economic stagnation and public debt at its highest level since the 1960s, with taxpayers’ money being wasted on debt interest payments rather than on our public services. Continue reading...