British government debt increased much more than expected in July, raising concerns for Labor’s new government ahead of its first budget in almost two months.
Treasury Secretary Rachel Reeves has already warned of "tough decisions" on whether spending should be cut or tax hikes on Oct. 30, October, and the latest figures are unlikely to ease those concerns.
The Office for National Statistics reported that net public sector debt reached £3.1 billion (about $4 billion) last month, the highest figure recorded in July since 2021 and far exceeding expectations.
Source (CNBC Arabia Website, Edited)
