UK annual borrowing exceeds forecasts by almost £15bn in blow to Rachel Reeves

Chancellor may be forced to raise taxes or announce deeper public spending cuts in autumn budget, economists say

Rachel Reeves could be forced to raise taxes or announce deeper cuts to public spending after figures revealed UK borrowing overshot official forecasts by almost £15bn in the last financial year.

With the British economy coming under mounting strain amid Donald Trump’s escalating trade war, the Office for National Statistics (ONS) said borrowing in the financial year ending in March was £151.9bn, more than £20bn higher than in the previous financial year.