Andrew Neil(@afneil):The UK borrowed another £1.8bn last month, taking the national debt to within a whisker to £2.985tn in July. I thought it would pass £3 trillion this summer. That will now happen in the autumn. The main drivers of more borrowing were welfare and pension payments, which rose 7.2% (£2bn) to £30bn last month. The cost of debt service, at £7.7bn in July, was almost 10% higher than a year ago. Four months into the 2026/27 financial year and the government has borrowed almost £57bn, a bit more than the official forecast YTD. July’s figures yet another reason to brace for hefty tax rises in the October Budget.

2026.08.21 07:28

The UK borrowed another £1.8bn last month, taking the national debt to within a whisker to £2.985tn in July. I thought it would pass £3 trillion this summer. That will now happen in the autumn. The main drivers of more borrowing were welfare and pension payments, which rose 7.2% (£2bn) to £30bn last month. The cost of debt service, at £7.7bn in July, was almost 10% higher than a year ago. Four months into the 2026/27 financial year and the government has borrowed almost £57bn, a bit more than the official forecast YTD. July’s figures yet another reason to brace for hefty tax rises in the October Budget.

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