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Public sector net borrowing hit £20.5 billion last month, far exceeding forecasts as inflation-driven debt interest payments surged. The shortfall marks the highest April deficit since records began in 1993, intensifying pressure on Chancellor Rachel Reeves to curb spending.
Britain’s gross domestic product expanded by 0.6% in the first quarter, confounding analysts who predicted stagnation. The surge lifts annual growth to 1.8%, the fastest pace since 2022, and pushes inflation-adjusted wages up 2.3% year-on-year. Chancellor Rachel Reeves hailed the rebound as proof that tough reforms are paying off, but warned of persistent risks from global instability.