Britain's national debt tops £3 trillion for the first time as borrowing overshoots before Chancellor John Healey's Budget
Britain paid lenders £10.9bn in debt interest in September, the highest September bill since records began. Borrowing reached £24.5bn, £1.9bn above the OBR forecast, after the Iran war pushed up inflation-linked payments by £4bn in a single month. Inflation has also jumped to 3.5 per cent. Chancellor John Healey is expected to target the banks when he delivers his first Budget on 28 October.
Economists expect Healey's buffer against his fiscal rules to shrink from £23.6bn to around £12bn.
Labour has now paid lenders more than £200bn since winning the 2024 election.
Healey ruled out a capital gains tax rise yesterday in a bid to calm jittery markets.
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Daily MailUK debt mountain tops £3TRILLION for first time ever ahead of BudgetThe GuardianUK government borrowing rises to £24.5bn as John Healey prepares for budgetLBCGovernment borrowing rises above forecasts to £24.5bn ahead of BudgetThe TelegraphBritain’s national debt tops £3tnReutersUK borrowing and £3 trillion debt herald tough budget for HealeyCity A.M.UK debt pile exceeds £3 trillion one week before Healey’s BudgetCity A.M.Budget 2026: If Healey really thinks banks are a jewel in the crown why is he raising taxes?City A.M.‘Own goal’ – City chiefs warn Healey higher bank taxes hurt jobs outside LondonLBCBudget tax hikes for financial sector would be ‘own goal’, says CBIDaily MailBudget tax raid on banks would be an 'own goal' for the UK economy, CBI warns HealeyEvening StandardBudget 2026: How Chancellor Healey will hammer the CityEvening StandardBudget 2026: Wealth tax would make London 'worst place' among well-off countries to own property
