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Record rise in UK borrowing costs puts annual deficit on course to top £100bn

Potential for future tax cuts narrows as cost of servicing debt soars amid rocketing inflation

A record surge in Britain’s borrowing costs in June, pushed up by soaring inflation, has put the government’s budget deficit on course to reach more than £100bn this year, almost double its pre-pandemic level.

Highlighting the scale of the economic challenge that will face the next prime minister, debt interest payments hit £19.4bn last month alone, the highest since monthly records began in April 1997, according to the Office for National Statistics.

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