UK borrowing surges past official forecasts ahead of Budget

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The challenge facing Chancellor Rachel Reeves ahead of her first Budget has been laid bare after figures revealed government borrowing in the financial year so far has surged past official forecasts. The Office for National Statistics (ONS) said public sector net borrowing in the first half of the financial year stood at £79.6 billion – £1.2 billion more than a year earlier and £6.7 billion higher than forecast by the independent fiscal watchdog, the Office for Budget Responsibility (OBR).