Rachel Reeves faces gloomy autumn after borrowing overshoots
by Heather Stewart Economics editor from on (#6YT3P)
Very tough budget looms as interest rate costs on bonds drive June figure to second-highest on record
June's public finances data, published on Tuesday, make a depressing end-of-term report card for Rachel Reeves, as MPs prepare to depart Westminster for the summer recess.
The Office for National Statistics (ONS) said public borrowing jumped to 20.7bn last month - a full 3.5bn higher than expected by the independent Office for Budget Responsibility (OBR).
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