Press
Government borrowing unexpectedly jumps in February
Images
UK government borrowing rose unexpectedly to £14.3bn in February to the second highest level for that month since records began, official figures show. The Office for National Statistics (ONS) said borrowing was £2.2bn higher than in February last year and much higher than the £8.8bn economists had expected it to be. An increase in government tax receipts was outweighed by a rise in spending and the timing of government debt interest payments, the ONS said. However across the 11 months of the financial year to February, government borrowing was down. The figures, which measures the difference between total public sector spending and tax income, is for the month before the start of the US-Israel war with Iran. The Treasury said it had the "right economic plan" and added "we are better prepared for a more volatile world". Green Party leader says thought of becoming PM is 'on his mind' and the aim of 30-40 MPs now feels "under ambitious". Will the pursuit of a closer relationship with the EU risk courting electoral disaster by alienating Brexit-backing voters? The knock-on effects of the war in the Gulf go beyond a hold on interest rates and are set to reverberate for months. Annual earnings grew at an annual rate of 3.8% in the November to January period, the Office for National Statistics says. UK Inflation has dropped back from record highs but remains above the Bank of England's 2% target.