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Original headline: Who really writes the budget ?
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- Government borrowing rises above forecasts to £24 . 5bn ahead of Budget
UK public sector net borrowing rose £1.8 billion year on year to £24.5 billion in September, £1.9 billion above the Office for Budget Responsibility forecast and above the £24.1 billion economists expected, just a week before Chancellor John Healey's first Budget. Total government spending rose 5.6% to £111.3 billion, driven by higher debt interest tied to rising global borrowing costs linked to the Middle East conflict; central government debt interest of £10.9 billion was the largest September figure on record. Public sector net debt passed £3 trillion for the first time, up £91.7 billion on a year earlier, but fell 0.7 percentage points as a share of GDP to 94%. UK inflation rose to an 11-month high of 3.5%, partly due to fuel costs linked to the Iran war. Economists say fiscal headroom is only £10 billion to £15 billion, so any Budget giveaways are likely to be modest and temporary.
- Badenoch takes aim at Healey over public finances ahead of Budget
- Badenoch takes aim at Healey over public finances ahead of Budget
- Andy Burnham told to freeze State Pension and stop benefit pensions | Politics | News
The Institute of Economic Affairs' "Alternative Budget" urges freezing the State Pension and suspending the triple lock for three years, cutting the welfare spending ceiling by 0.85% a year, and phasing out defined benefit pensions. The Prime Minister plans to adjust the triple lock from April 2030. Work and Pensions Secretary Pat McFadden called changes "inevitable", saying the new State Pension rises by £575 this year and will be over £2,000 a year higher by the end of this Parliament than in 2024, reaching over 30% of average earnings in 2029. Chancellor John Healey presents the Budget on October 28.
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