Tough budget looms after UK deficit hits £3.1bn in July – ahead of City forecasts of £1.5bn, and soaring over OBR forecast of £100mFull story: UK government borrowing hits higher than expected £3.1bn in JulyAnalysis: Reeves can point to ONS public finances report as cover for a harsh budgetThe big picture remains that the UK’s national debt is the highest since the early 1960s, as a share of the economy.Public sector net debt excluding public sector banks is now estimated to be 99.4% of gross domestic product (GDP), at around £2.74 trillion.“We expect ... Reeves to borrow around 20 billion pounds per year more than planned in the March Budget for the next five years as well as funding medium-term spending with higher taxes.” Continue reading...