Rishi Sunak has some financial headroom to work with. Here’s why he probably won’t use it

Borrowing for the financial year to date has come in quite a bit below expectations, writes James Moore – so what will the chancellor have in mind?

Tuesday 22 March 2022 16:32
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<p>The chancellor is under pressure to deal with the worsening cost of living crisis</p>

The chancellor is under pressure to deal with the worsening cost of living crisis

There are those who would be inclined to look at the latest UK borrowing figures as a reason to look towards the strongest spirits in the drinks cabinet.

Britain’s net debt stood at £2.3 trillion at the end of Feb 2022, which amounts to 94.7 per cent of GDP, putting it at a level not seen since the early 1960s.

In February, the chancellor, Rishi Sunak, wrote £13.1bn of IOUs, the second-highest since monthly records began in 1993. While the figure was £2.4bn less than the same month last year, it was £12.8bn higher than in February 2020, just before the Covid-19 pandemic arrived and turned the world on its head.

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