2023-01-24 10:45:55

Jeremy Hunt dampens tax cut hopes after borrowing hit record high

Logo The Independent
The Independent
By Adam Forrest

Chancellor Jeremy Hunt has dampened Tory hopes of tax cuts at his upcoming budget as the latest government figures show state borrowing hit another record high last month.

Mr Hunt vowed to stick with the tough decisions needed to balance the books, as the mounting cost of the energy support schemes and soaring debt interest pushed borrowing to a December record.

The Office for National Statistics (ONS) said governmentborrowingreached a far higher-than-expected 27.4bn last month , jumping by 16.7bn year-on-year and marking the highest monthly figure since records began.

The official figures showedborrowingwas sent rocketing higher by nearly 7bn in costs from energy support schemes, with the ONS estimating the government spent 5bn last month on its energy price guarantee capping annual bills, with a further 1.9bn paid out for power bill support payments.

Mr Hunt said the government was making tough decisions to get debt falling, adding: Right now we are helping millions of families with the cost of living but we must also ensure that our level of debt is fair for future generations.

Continue read on independent.co.uk

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