Debt pile increases by 4.3 percentage points in year to August, adding to challenge for chancellor Rachel Reeves

• UK consumer confidence falls sharply
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The scale of the challenge facing Rachel Reeves ahead of the autumn budget has been laid bare by a rise in Britain’s national debt to the highest levels since the 1960s and a collapse in consumer confidence.

Figures from the Office for National Statistics (ONS) showed the government’s outstanding debt pile reached 100% of gross domestic product in August, the highest level since 1961, as monthly borrowing rose by more than expected.