Rachel Reeves sees borrowing spike as benefits spending offsets tax haul

City AM — May 22, 06:14 AM

Reeves has faced a challenge to keep down borrowing. (Image: PA) https://www.cityam.com/wp-content/uploads/2026/05/01KS2TKJPAY3T9C8H2QGDFCN30.jpeg?w=1107" />

Rachel Reeves oversaw a surge in borrowing in the first month of the financial year as April’s figures hit the highest since 2020 on higher benefit spend.

Government borrowing – which marks the difference between total public sector spending and income – topped £24.3bn in April 2026, according to the Office for National Statistics (ONS). https://www.cityam.com/rachel-reeves-sees-borrowing-spike-as-benefits-spending-offsets-tax-haul/">[...]

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UK borrowing surges in April

Borrowing hit £24 billion last month in the second highest for April on record Birmingham Live — May 22, 08:34 AM
Borrowing surges by more than expected in blow to Chancellor amid Iran war woes The Standard — May 22, 07:00 AM
UK borrowed bigger than forecast £24.3bn in April as inflation adds to benefits bill The Guardian — May 22, 07:05 AM
Brits face more tax hikes WHOEVER wins Labour leadership: Borrowing surged in April as spending spree and Iran crisis outweighed revenues Daily Mail — May 22, 06:55 AM
Borrowing surges by more than expected in blow to Chancellor amid Iran war woes The Independent — May 22, 07:00 AM