UK borrows £18bn in August, putting pressure on Healey before budget

Some economists say it is now ‘inevitable’ that chancellor will need to raise taxes in the budget next monthThe UK government borrowed a higher-than-expected £18.3bn last month, increasing the pressure on John Healey as he attempts to calm jittery bond markets before next month’s budget.Some economists said it was “inevitable” that the chancellor would need to raise taxes on 28 October if he is to meet demands for extra spending on defence without further borrowing from investors on international money markets. Continue reading...