UK records the second highest October borrowing since 1993, while crypto-friendly Trump pushes bitcoin towards $100k

The jump in UK borrowing last month (see opening post) makes it hard for Rachel Reeves to reverse any of the unpopular tax decisions in last month’s budget, says Sandra Horsfield, economist at Investec:

Certainly, the pressure on public finances looks here to stay, unless the Chancellor receives unexpectedly good news on growth and therefore tax revenues in future.

Tempting though it may be politically to reverse some of the more unpopular decisions taken in the Budget, Labour’s hands to do so, without offsetting other unpalatable choices, look tied for now.

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