UK Faces £1.3 Trillion Debt Mountain
Update: 2025-12-02
Description
New report reveals UKs potential debt mountain of £1.3 trillion during this parliamentary term, as Chancellor Rachel Reeves faces criticism for hiding significant borrowing and misrepresenting public finances shortfall. Sir John Redwood challenges budget, highlighting £675 billion needed for gilts renewal and £628 billion in increased spending, pushing national debt to £3.53 trillion. Concerns grow as Chancellors actions contradict her public statements, and economists warn of potential damage to growth. The situation is further complicated by the Bank of England selling bonds and pension funds reducing bond purchases, making it harder for the government to borrow cheaply.
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