November’s public finances figures showed that government borrowing is rising fast. And with most of the costs from the government’s energy price support in 2022/23 still to feed through, that implies borrowing will come in at £175bn (7.0% of GDP) in 2022/23, in line with the OBR’s forecast of £177bn, but a whopping £50bn above the 2021/22 total.
Subscriber content
Read this in full, free
Start a free trial and use one of your 10 free starter credits to unlock this piece.