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29th Jul 2024 18:25UKDaily Monitor

  • Chancellor Rachel Reeves’ spending audit suggests £16.5B higher government borrowing in 2024/25.
  • Interest costs will add to pressures; we expect borrowing £22B above the Budget forecast for 2024/25.
  • Fiscal pressures build over time, so tax hikes along with higher borrowing are likely in the longer term.

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Keywords for: 31 July 2024 UK Monitor

independent macro research, Pantheon Macro, Pantheon Macroeconomics, independent research, ian shepherdson, economic intelligence