Government borrowing has exceeded forecasts as rising inflation raises the cost of debt servicing. Public borrowing reached £4.9bn in July – much higher than the £0.2bn expected by the financial watchdog. This took the total for 2022-2023 so far to £55bn, £3bn more than forecast. While tax revenues were higher, the deficit was increased by debt servicing costs, which rose 81% from last year. That’s because a quarter of public debt is linked to the retail price index, which surged to its highest level since 1981 last month as rampant inflation shows no sign of slowing. The figures will increase pressure on Tory leadership candidates Liz Truss and Rishi Sunak, who have both vowed to cut taxes despite rising public borrowing.

5 things to start your day

  1. How the Bank of England failed to keep up with inflation – according to its former policymakers Monetary Policy Committee veterans say it’s time to rethink how it operates
  2. Interest rates must reach 6% to moderate inflation, says Bank of England founder rate-setter Willem Buiter, says policy will need to be “severely restrictive” to reach 2% target
  3. Discovery offloads GB News stake as channel builds £60m war chest US co-founders and backer bought out in broadcaster’s latest revamp against Sky News and BBC
  4. Ex-Lloyds chairman backs Truss plan for City super-regulatory.
  5. Peter Thiel’s New Zealand luxury retreat blocked by environmentalists The billionaire’s planning application was rejected on the grounds that the estate would have “sufficient adverse visual effects”

What happened in the night

Asian shares were in a tailspin this morning while the US dollar did everything as recessionary clouds gathered over Europe and highlighted the relative outperformance of the US economy. Additional concerns about the health of China’s economy saw MSCI’s broadest index of Asia-Pacific shares outside Japan slip 0.3 percent, down 1.1 percent for the week. Chinese blue chips were flat, while South Korea lost 0.5%. Japan’s Nikkei fared better, up 0.3% due in part to a renewed slide in the yen.

It’s coming today

Corporate: Apax Global Alpha (Intermediate) Economics: GfK consumer confidence, public finances, retail sales (UK), inflation (Japan), producer prices (Germany)

title: “Blow To Truss Tax Cut Promises As Rising Inflation Pushes Up Uk Borrowing Klmat” ShowToc: true date: “2022-11-19” author: “Juanita Fitzpatrick”

Government borrowing has exceeded forecasts as rising inflation raises the cost of debt servicing. Public borrowing reached £4.9bn in July – much higher than the £0.2bn expected by the financial watchdog. This took the total for 2022-2023 so far to £55bn, £3bn more than forecast. While tax revenues were higher, the deficit was increased by debt servicing costs, which rose 81% from last year. That’s because a quarter of public debt is linked to the retail price index, which surged to its highest level since 1981 last month as rampant inflation shows no sign of slowing. The figures will increase pressure on Tory leadership candidates Liz Truss and Rishi Sunak, who have both vowed to cut taxes despite rising public borrowing.

5 things to start your day

  1. How the Bank of England failed to keep up with inflation – according to its former policymakers Monetary Policy Committee veterans say it’s time to rethink how it operates
  2. Interest rates must reach 6% to moderate inflation, says Bank of England founder rate-setter Willem Buiter, says policy will need to be “severely restrictive” to reach 2% target
  3. Discovery offloads GB News stake as channel builds £60m war chest US co-founders and backer bought out in broadcaster’s latest revamp against Sky News and BBC
  4. Ex-Lloyds chairman backs Truss plan for City super-regulatory.
  5. Peter Thiel’s New Zealand luxury retreat blocked by environmentalists The billionaire’s planning application was rejected on the grounds that the estate would have “sufficient adverse visual effects”

What happened in the night

Asian shares were in a tailspin this morning while the US dollar did everything as recessionary clouds gathered over Europe and highlighted the relative outperformance of the US economy. Additional concerns about the health of China’s economy saw MSCI’s broadest index of Asia-Pacific shares outside Japan slip 0.3 percent, down 1.1 percent for the week. Chinese blue chips were flat, while South Korea lost 0.5%. Japan’s Nikkei fared better, up 0.3% due in part to a renewed slide in the yen.

It’s coming today

Corporate: Apax Global Alpha (Intermediate) Economics: GfK consumer confidence, public finances, retail sales (UK), inflation (Japan), producer prices (Germany)

title: “Blow To Truss Tax Cut Promises As Rising Inflation Pushes Up Uk Borrowing Klmat” ShowToc: true date: “2022-10-26” author: “Mona Dumas”

Government borrowing has exceeded forecasts as rising inflation raises the cost of debt servicing. Public borrowing reached £4.9bn in July – much higher than the £0.2bn expected by the financial watchdog. This took the total for 2022-2023 so far to £55bn, £3bn more than forecast. While tax revenues were higher, the deficit was increased by debt servicing costs, which rose 81% from last year. That’s because a quarter of public debt is linked to the retail price index, which surged to its highest level since 1981 last month as rampant inflation shows no sign of slowing. The figures will increase pressure on Tory leadership candidates Liz Truss and Rishi Sunak, who have both vowed to cut taxes despite rising public borrowing.

5 things to start your day

  1. How the Bank of England failed to keep up with inflation – according to its former policymakers Monetary Policy Committee veterans say it’s time to rethink how it operates
  2. Interest rates must reach 6% to moderate inflation, says Bank of England founder rate-setter Willem Buiter, says policy will need to be “severely restrictive” to reach 2% target
  3. Discovery offloads GB News stake as channel builds £60m war chest US co-founders and backer bought out in broadcaster’s latest revamp against Sky News and BBC
  4. Ex-Lloyds chairman backs Truss plan for City super-regulatory.
  5. Peter Thiel’s New Zealand luxury retreat blocked by environmentalists The billionaire’s planning application was rejected on the grounds that the estate would have “sufficient adverse visual effects”

What happened in the night

Asian shares were in a tailspin this morning while the US dollar did everything as recessionary clouds gathered over Europe and highlighted the relative outperformance of the US economy. Additional concerns about the health of China’s economy saw MSCI’s broadest index of Asia-Pacific shares outside Japan slip 0.3 percent, down 1.1 percent for the week. Chinese blue chips were flat, while South Korea lost 0.5%. Japan’s Nikkei fared better, up 0.3% due in part to a renewed slide in the yen.

It’s coming today

Corporate: Apax Global Alpha (Intermediate) Economics: GfK consumer confidence, public finances, retail sales (UK), inflation (Japan), producer prices (Germany)

title: “Blow To Truss Tax Cut Promises As Rising Inflation Pushes Up Uk Borrowing Klmat” ShowToc: true date: “2022-10-23” author: “David Addison”

Government borrowing has exceeded forecasts as rising inflation raises the cost of debt servicing. Public borrowing reached £4.9bn in July – much higher than the £0.2bn expected by the financial watchdog. This took the total for 2022-2023 so far to £55bn, £3bn more than forecast. While tax revenues were higher, the deficit was increased by debt servicing costs, which rose 81% from last year. That’s because a quarter of public debt is linked to the retail price index, which surged to its highest level since 1981 last month as rampant inflation shows no sign of slowing. The figures will increase pressure on Tory leadership candidates Liz Truss and Rishi Sunak, who have both vowed to cut taxes despite rising public borrowing.

5 things to start your day

  1. How the Bank of England failed to keep up with inflation – according to its former policymakers Monetary Policy Committee veterans say it’s time to rethink how it operates
  2. Interest rates must reach 6% to moderate inflation, says Bank of England founder rate-setter Willem Buiter, says policy will need to be “severely restrictive” to reach 2% target
  3. Discovery offloads GB News stake as channel builds £60m war chest US co-founders and backer bought out in broadcaster’s latest revamp against Sky News and BBC
  4. Ex-Lloyds chairman backs Truss plan for City super-regulatory.
  5. Peter Thiel’s New Zealand luxury retreat blocked by environmentalists The billionaire’s planning application was rejected on the grounds that the estate would have “sufficient adverse visual effects”

What happened in the night

Asian shares were in a tailspin this morning while the US dollar did everything as recessionary clouds gathered over Europe and highlighted the relative outperformance of the US economy. Additional concerns about the health of China’s economy saw MSCI’s broadest index of Asia-Pacific shares outside Japan slip 0.3 percent, down 1.1 percent for the week. Chinese blue chips were flat, while South Korea lost 0.5%. Japan’s Nikkei fared better, up 0.3% due in part to a renewed slide in the yen.

It’s coming today

Corporate: Apax Global Alpha (Intermediate) Economics: GfK consumer confidence, public finances, retail sales (UK), inflation (Japan), producer prices (Germany)