Tax cut hopes raised as UK borrows less than expected in July

Net borrowing, excluding state-owned banks, stood at £4.3bn last month, less than the expected figure of £5bn from a Reuters poll of economists. That was £3.4bn more than in July 2022 and the fifth-highest July borrowing since monthly records began in 1993. Jackson Hole: Analysts expect hawkish Fed with no major tone shift In the first quarter of the financial year, the UK's borrowing stood at £56.6bn. That was £13.7bn more than in the same period last year, but £11.3bn less than the £68bn forecast by the Office for Budget Responsibility, whose projections underpin the g...