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Search results: “Inflation and public finances”

6 stories found

Public financesSingle source

UK government debt reaches £3tn for the first time as inflation rises

The UK’s total government debt has reached £3tn for the first time. September’s budget deficit rose to £24.5bn while inflation climbed to 3.5%, increasing pressure on the government before next week’s budget.

  • The UK’s total government debt has reached £3tn for the first time.
  • The September deficit was £24.5bn, £1.9bn above the OBR forecast.
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The Guardian Business
Public financesSingle source

Iran war threatens John Healey’s Budget plans, IFS warns

The inflation spike linked to the US-Israel war against Iran is complicating Chancellor John Healey’s first Budget, the Institute for Fiscal Studies said. The IFS estimates the government may need an extra £25bn in 2029-30 to protect departmental budgets from higher inflation.

  • The IFS warned that the war against Iran is complicating John Healey’s first Budget.
  • Protecting departmental budgets in 2029-30 may require an extra £25bn.
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BBC Business
Budget and public financesSingle source

Labour insiders fear budget will not leave voters better off by next election

Labour insiders fear the forthcoming budget will not make voters better off by the next election. The 28 October statement is expected to be difficult, with a reported £12bn hole in the public finances.

  • Labour insiders fear the 28 October budget will not leave voters better off by the next election.
  • Inflation and higher borrowing costs are believed to have created a £12bn public-finance gap.
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The Guardian World
TechnologySingle source

Andy Burnham pledges NHS-style social care service in next election manifesto

Andy Burnham said Labour will put a plan for universal social care in England into its next election manifesto. The NHS-style service would be free at the point of use, but the government has not yet set out how it would be funded.

  • Labour plans to include a universal social care service in its next election manifesto.
  • The service would be free at the point of use in England, but its funding model is unresolved.
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The Guardian World
Bond marketsSingle source

Global bond sell-off resumes as oil tops $107 a barrel and yields spike

Investors resumed dumping government bonds after oil rose above $107 a barrel amid concerns over advances by Houthi rebels along the Red Sea. Yields jumped: 10-year UK gilts topped 5.37% and 10-year US Treasuries reached 4.92%.

  • Brent rose above $107 a barrel after reports of Houthi advances along the Red Sea.
  • 10‑year UK gilts topped 5.37%, the highest since 2007.
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The Guardian Business