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Spike in UK Borrowing Costs Wipes Out Reeves’ Fiscal Headroom - Bloomberg

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Nov 06, 2024

Spike in UK Borrowing Costs Wipes Out Reeves’ Fiscal Headroom - Bloomberg

The increase in UK borrowing costs since last week’s budget has wiped out all of Chancellor of the Exchequer Rachel Reeves’ headroom against her main fiscal rule, raising the prospect of further tax

The increase in UK borrowing costs since last week’s budget has wiped out all of Chancellor of the Exchequer Rachel Reeves’ headroom against her main fiscal rule, raising the prospect of further tax rises or spending cuts unless the debt picture changes.

Tom Josephs, a senior member of the UK’s fiscal watchdog, told lawmakers Tuesday that a 0.3 percentage point rise in government borrowing costs would eliminate all of the £9.9 billion ($12.9 billion) of space against Reeves’ “current budget” rule that day-to-day spending must be paid out of tax.