Government borrowing up 33%
Figures from the Office for National Statistics show that public sector net borrowing rose sharply in June, hitting £7.2bn. This marks the highest June borrowing figure since 2015 and compares to the £3.3bn recorded in June 2018. While the tax and National Insurance take was up £800m on a year earlier, debt repayments rose by £2.1bn. In the three months to June, borrowing was 33% higher than the same period in 2018, totalling £17.9bn. Analysts have suggested the data will add to economic uncertainty ahead of Brexit, with Howard Archer of EY Item Club saying: “Much will depend on whether the economy can shrug off its current weakness, as well as on Brexit developments. It will also be influenced by any changes to fiscal policy by the new Prime Minister and Chancellor.