July’s undershoot in government borrowing continued the decent start to the fiscal year and leaves borrowing broadly in line with the Office for Budget Responsibility’s 2025/26 fiscal year forecast of £177.7bn. That said, July’s undershoot is not as good as it looks and even if this undershoot persists, the Chancellor will probably need to raise taxes by £17-27bn at the Budget later this year.
Subscriber content
Read this in full, free
Start a free trial and use one of your 10 free starter credits to unlock this piece.