Resolution Foundation says cuts earmarked for after election are ‘even less tenable’ now Treasury is £11.4bn better off than forecast
High inflation boosted the government’s finances in August, putting pressure on the chancellor, Jeremy Hunt, to increase support for state services, a thinktank has said.
Government borrowing was £11.6bn in August and almost £70bn in the first five months of the current financial year. This left the chancellor £11.4bn better off in the 2023-24 year so far than official forecasts predicted in March.
