Politics · 21 August 2026

UK borrows £1.8bn in July, defying tax season expectations

Britain's overall national debt has reached £2.98tn, matching 94% of GDP, following a £96bn increase over the last year. City experts originally predicted no borrowing for last month, since July normally generates huge tax sums from self-assessment returns. This sudden gap leaves the chancellor with tighter finances before he delivers his first budget on 28 October.

✓ Verified against the source · 60 words · 40 sec