GBP/USD Struggles Amid Rising UK Borrowing Costs

The UK's public sector net borrowing surpassed forecasts in August, putting pressure on Chancellor John Healey as he prepares his first Budget on October 28.

UK public sector net borrowing was £18.3 billion in August, higher than the £15.4 billion recorded in the same month last year and ahead of expectations of around £15.5 billion.

This is the second-highest August on record, behind 2020, and highlights the challenges facing Healey as he sets out Prime Minister Andy Burnham's economic plans and reassures a jittery bond market that borrowing remains under control.