Pressure builds on UK finances as Reeves pushes for US trade deal
The government borrowed more than expected in the year to March due to increased spending on pay and benefits, according to official figures.
Borrowing, the difference between spending and income from taxes, was £151.9bn in the year to March, up £20.7bn from the year before.
The amount borrowed was much higher than the £137.3bn predicted by the UK’s official forecaster.
The figures come as Chancellor Rachel Reeves is set to attend the annual meetings of the IMF and World Bank to meet fellow finance ministers and push for a US trade deal.
The UK is one of many countries to be hit with tariffs on goods entering the US, with President Donald Trump looking to upend the long-established order of global trade in a bid to boost American manufacturing and jobs.
Source: BBC | Language: English