UK government borrowing falls

Official data from the ONS shows that public sector borrowing dropped by nearly £20 billion compared to the previous year.

Increased tax receipts, particularly from inheritance and wealth taxes, helped to offset a significant rise in public spending.

However, economists have warned that the Iran war could blow a £30 billion hole in future fiscal plans as energy costs climb.

The Chancellor now faces the daunting task of maintaining this downward trend amid growing geopolitical and economic uncertainty.