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Government borrowing higher than expected in February

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UK government borrowing was higher than expected in February, adding pressure to Chancellor Rachel Reeves ahead of her Spring Statement next week.

Borrowing – the difference between spending and income from taxes – was £10.7bn last month, according to official figures.

The government’s independent forecaster had predicted that borrowing would be £6.5bn for the month.

Economists have suggested Reeves will announce spending cuts next week in order to meet her self-imposed rules for the economy, which the Treasury reiterated were “non-negotiable”.

“We must go further and faster to create an agile and productive state that works for people,” said Darren Jones, chief secretary to the Treasury.

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