Public finances
UK borrowing jumps to £23.3bn as finance warning grows
Official figures showed May borrowing came in well above forecast, with debt interest costs hitting their highest level recorded for the month
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- Hospitality pressure Top UK chefs urge 10% VAT rate for pubs and restaurants Tom Kerridge, Yotam Ottolenghi, Ravneet Gill and Simon Rogan told BBC Newsnight the current tax burden is squeezing operators already hit by higher costs and weaker consumer spending
- Cost of living VAT cut to lower some family days out this summer Rachel Reeves said VAT will fall from 20% to 5% on selected attractions, children’s meals and entertainment, but businesses will decide whether to pass on the savings
- UK markets UK borrowing costs hit 18-year high amid Starmer uncertainty Ten-year gilt yields briefly reached 5.13% as investors weighed political uncertainty, higher oil prices and the risk of looser public spending
Government debt
UK 30-year borrowing costs hit highest level since 1998
Yields rose as markets absorbed the impact of the Iran war, higher energy prices and political uncertainty before Thursday’s elections
UK cost pressures
UK prices could stay higher for eight months after Iran war, minister says
Darren Jones said ministers are planning for supply-chain disruption, though price pressure is seen as more likely than empty supermarket shelves