This morning’s ONS figures reveal the price the British people are paying for Rachel Reeves' choices.
These figures are alarming but not surprising. By fiddling with the fiscal rules, increasing borrowing by £30 billion a year, and piling up debt, these eye-watering sums are being paid for by hardworking people through higher taxes, prices, and mortgage rates.
Public sector net borrowing excluding public sector banks was £151.9 billion (or 5.3% of GDP) in the 2024 to 2025 financial year, £20.7 billion (or 0.5 percentage points) more than in the previous year and the third highest total on record.
