UK deficit soars to £20bn ahead of Chancellor’s Budget

UK borrowing has skyrocketed in the last month as the government spends billions to help consumers and businesses with energy bills.

Public sector net debt rose to £20 billion from £2.2 billion in the same month last year, according to the ONS.

The figures underscore the strain on public finances, even as Liz Truss announced a huge list of unfunded tax cuts that have since been reversed, leading to her resignation yesterday.

5 things to start the day off right

1) Brace yourself for 15 percent inflation without an energy bailout, economists warn. Prices are expected to rise at the fastest rate since 1980 when the price cap expires in April.

2) Yen falls to 32-year low as currency crisis spreads beyond Britain A dollar is now 150 yen for the first time since 1990, down from 115 a year ago after policymakers failed to stem a sustained plunge to stop.

3) Households will receive £240 for reducing energy use this winter. Households will be offered payments for every kilowatt-hour of electricity they don’t use at key times as the National Grid tries to avoid blackouts.

4) Blue-chip fund manager suffers £21bn loss on pension fund crisis Schroders on Thursday revealed the impact the turmoil in the liability-driven investment (LDI) market had on its total assets under management.

5) Sadiq Khan’s Ulez expansion costs Londoners £385,000 a day Transport for London’s coffers have grown by £93.6m since the ultra-low emissions zone was extended to a larger area of ​​the capital last autumn.

what happened overnight

The dollar continued to gain on Friday on expectations that the US Federal Reserve will press ahead with its program of sharp interest rate hikes for the remainder of the year.

Traders braced for another possible Tokyo intervention after the yen slipped above 150 per dollar, while sterling remained under pressure on uncertainty in Westminster after Prime Minister Liz Truss resigned after just six weeks in office.

https://www.telegraph.co.uk/business/2022/10/21/markets-ftse-100-live-news-inflation-interest-rates-pound/ UK deficit soars to £20bn ahead of Chancellor’s Budget

Russell Falcon

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