Reeves may need to raise taxes by £20bn in autumn after UK borrowing rises
by Phillip Inman from Economics | The Guardian on (#6Y3VC)
May figure second highest for month on record amid fears chancellor is struggling to keep within spending rules
Rachel Reeves may need to raise taxes by more than 20bn in the autumn budget after figures showed the government's spending deficit reached 17.7bn in May, the second highest on record for the month.
Analysts said a sharp increase in tax receipts had still fallen short of forecasts by the Office for Budget Responsibility (OBR) and given an indication of the weakness underpinning the public finances.
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