Reeves Talks Up Fiscal Rules Even as UK Borrowing Surges

Chancellor of the Exchequer Rachel Reeves restated her commitment to the UK’s “non-negotiable” fiscal rules after government borrowing overshot forecasts in June, raising fresh questions about potential tax hikes.

A surge in debt-interest payments sent the budget deficit to £20.7 billion ($27.9 billion), the Office for National Statistics said on Tuesday, £6.6 billion more than a year earlier and well above the £17.5 billion economists surveyed by Bloomberg expected.