The latest figures from the Office for National Statistics (ONS) show public sector borrowing hit £11.6 billion in August, the fourth highest August figure since records began thirty years ago. Government borrowing so far this year at £90.5 billion is a whopping 40% higher than it was in August 2022…

£5.6 billion of last month’s figure was spent on debt interest alone. That’s almost half of the total. Although that would only fund the NHS for 11 days…

Good news, though: In the financial year-to-August 2023, public borrowing sat at £69.6 billion, £11.4 billion less than forecast by the geniuses at the Office for Budget Responsibility. The OBR forecasts overshot again thanks to £21 billion extra in government coffers, largely from stealth tax receipts. How about those tax cuts, Jeremy…