Worse-than-expected public sector borrowing figures have dealt a blow to Chancellor Rishi Sunak ahead of tomorrow’s spring statement.
The total of £13.1 billion was the second-highest February figure since monthly records began in 1993 and much worse than the £8.1 billion forecast in the City. At around 94.7% of GDP, net debt is also at a level not seen since the early 1960s.
Inflation’s impact on debt costs continues to pose a headache for the Chancellor, but Brent crude fell back today after an earlier surge on the back of moves by European leaders to impose an embargo on Russian oil.
