Chancellor John Healey is set to borrow an extra £70bn to cover soaring debt and welfare costs in Wednesday's Budget
Healey's fiscal buffer has fallen to £12bn, down from the £24bn Rachel Reeves left behind. The national debt has passed £3trillion, with monthly interest payments hitting a record £10.9bn. He is expected to focus on banks and gambling firms, while deferring decisions on defence, benefits and social care. Deutsche Bank's Sanjay Raja says the additional borrowing is 'almost certainly' coming by 2031-32.
Devon publisher Tim Randell is 'holding back' on filling two jobs because of employment costs.
Reform's Robert Jenrick is offering a rival plan of £40bn cuts, including £20bn from welfare.
Chancellors have aimed to borrow 1.1 per cent of GDP but averaged 4.8 per cent.
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