Tag: Rachel Reeves

EconomyFinanceGovernment

UK Government Borrowing Hits £20.2 Billion in September Amid Rising Debt Costs

UK government borrowing surged to £20.2 billion in September, the highest level for the month since 2020. Rising debt interest payments and increased welfare costs contributed to the budget deficit, according to official statistics. The figures present challenges for Chancellor Rachel Reeves ahead of November’s budget announcement.

September Borrowing Reaches Five-Year Peak

The UK government’s borrowing requirements reached their highest September level in five years, according to Office for National Statistics data released this week. Public sector net borrowing reportedly hit £20.2 billion last month, representing a £1.6 billion increase compared to September 2023 and marking the highest borrowing figure for September since 2020.

by Oliver Keaton
BusinessPolicy

Betfred Warns of Potential UK Shop Closures Amid Gambling Tax Review

British bookmaker Betfred has issued a stark warning that potential tax increases in the upcoming budget could force the closure of its entire UK retail network. The company claims that 7,500 jobs are at risk as the Treasury considers raising levies on the gambling industry.

Gambling Giant Issues Closure Warning

British betting company Betfred has reportedly threatened to close all of its 1,300 high street shops if the government proceeds with planned tax increases on the gambling industry. According to reports, the company has written to Chancellor Rachel Reeves and Culture Secretary Lisa Nandy warning that tax hikes would render their retail operations financially unviable.

by Oliver Keaton