Reeves under pressure as UK borrowing sharply exceeds forecasts

IFS says chancellor ‘boxed in’ by promises before spring statement as February figure is much worse than expected

Worse-than-expected public spending data has piled pressure on Rachel Reeves in the run-up to next week’s spring statement, with UK government borrowing rising by much more than expected last month to £10.7bn.

In a setback for the chancellor, the monthly total – the difference between total public sector spending and income – sharply overshot a Reuters poll of experts that had predicted a deficit of £6.6bn.