We look at likely changes, as chancellor plans measures to plug £22bn public finances shortfallUK government borrowing hits higher than expected £3.1bn in JulyBusiness live – latest updatesThe chancellor, Rachel Reeves, is planning to increase taxes in October’s budget in an effort to plug what she has described as a £22bn shortfall in the public finances.The Labour election manifesto ruled out raising the rates of income tax, national insurance or VAT, but other personal taxes are in the firing line as official data published on Wednesday showed spending on public services and welfare pushed government borrowing to £3.1bn last month, more than double its level in July 2023. Continue reading...