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Public borrowing below forecasts despite July rise

Government borrowing in the UK was lower than expected in July, sparking speculation about possible tax cuts later this year, however, analysts warn that the Chancellor may have little room for such cuts due to weakening economic forecasts and increasing interest rates.

bbc.com
Relevant topic timeline:
UK government debt interest hit a record high in July, totaling £7.7 billion, increasing the country's debt-servicing costs and raising concerns about its credit rating ahead of upcoming assessments by credit ratings agencies.
Jeremy Hunt has warned that high inflation rates in Britain will prevent tax cuts this autumn, as the Bank of England signals another rate rise to ease cost of living pressures. Hunt cautions against overstimulating the economy and pushing up prices by pumping extra money into consumers' pockets.
The Federal Reserve has revised its interest rate forecast, planning for fewer rate cuts next year than previously anticipated, which may not be favorable for borrowers.