Rachel Reeves

Sep 22, 2026 UTC· 1 event in window

Chancellor Rachel Reeves faces mounting pressure as she prepares her first budget. New data shows public borrowing for the first five months of the fiscal year exceeded official forecasts by £8.1 billion, with August's figure alone far surpassing estimates. Prime Minister Starmer has acknowledged the budget will be 'challenging,' leaving Reeves to balance the government's economic agenda with bond market confidence.

• Public borrowing hit £77.3 billion in the first five months of the fiscal year, £8.1 billion above the OBR forecast
• August borrowing alone reached £18.3 billion, significantly exceeding the OBR's £14.8 billion estimate
• Prime Minister Starmer publicly stated the upcoming budget will be 'challenging'