UK debt nears £3 trillion as government borrowing unexpectedly climbs
Most economists had forecast zero borrowing last month while the OBR had predicted a £500 million surplus
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Most economists had forecast zero borrowing last month while the OBR had predicted a £500 million surplus
As the oil price spiked higher, yields on 30-year UK bonds, known as gilts, soared above 5.85%, just short of 28-year highs seen earlier this year.
Pressure on the public finances deepened last month as higher spending contributed to an unexpected increase in the deficit.
Official data last week showed government debt is just below £3trillion - a milestone it looks set to hit in the coming months - having been £350bn at the turn of the century.
The rate demanded by investors to buy UK debt has been driven up by persistent inflation, high borrowing levels and political instability.
Public spending surges despite Donald Trump’s vow to stabilise America’s public finances
UK public sector borrowing rose in July, compared to the same month last year, placing further pressure on Chancellor John Healey ahead of the Autumn Budget, set for 28 October.
it comes as a blow to find out that in the early run-up to the Budget, John Healey is looking at ways of stretching an already overwrought Government balance sheet
The staggering debt figure only deepened concerns among traders about the deteriorating state of public finances in the world's biggest economy.
High yields threaten to wipe out at least half of the £24bn headroom John Healey was expecting to have for his budgetThe UK government was forced to pay the highest interest rate f...
Yield on 30-year gilts highest since 1998 as rout triggered by global factors underlines tricky backdrop John Healey facesBusiness live – latest updatesThe chancellor’s headroom ag...
Yield on 30-year gilts highest since 1998 as rout triggered by global factors underlines tricky backdrop John Healey facesBusiness live – latest updatesThe chancellor’s headroom ag...
Chancellor John Healey said the government is 'committed to meeting our fiscal rules'
<em> "The British government owns about 25-30% of its own national debt, which equates to roughly £700–800 billion of the total £2.9 trillion debt pile." </em> So th...
"So the argument goes that this £700 – 800 bn shouldn’t be included in the total debt" Strictly speaking under the new PSNFL method of calculating "the national debt" those gilt...
The US Treasury sold $25 billion of 30-year bonds at a 5.22 percent yield, the most it has paid to borrow that far out since 2001, reports the Financial Times. That's up from 5.06...
Figure of £16bn from ONS comes after Andy Burnham revealed plans to cut VAT on electricity billsBusiness live – latest updatesThe UK government borrowed less than expected in June,...
Some want the chancellor to exploit newly flexible fiscal rules – others want a more creative approach, such as borrowing from marketsWith just 12 weeks to go until his first budge...
The government had set record gross ‌borrowing of ₹17.20 trillion rupees for the financial year in its February ‌1 budget, but later cut the target ‌to ⁠16.09 trillion ru...
Bond yields in US, UK, Germany France and Japan rise after ceasefire ends and Trump threatens to bomb OmanBusiness live – latest updatesGovernment borrowing costs in several advanc...
It was reported this week that the UK's public sector debt had topped £3 trillion for the first time as the Government borrowed billions more to pay for welfare spending and higher...
Concern over impact of Iran war pushes up government bond yields in US, UK, France, Germany and JapanGovernment borrowing costs in several advanced economies hit their highest leve...
Sorry, my bad The national debt as defined by the present government won't change via Bank of England asset shuffles. Government spending adds commercial bank reserves to the...
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