Government borrowing rises because of higher debt interest, as retail sales drop and pound falls close to one-week low, wiping out rally after Liz Truss resignation
European stocks have slid at the open, while crude oil prices have also retreated.
UK’s FTSE 100 down 41 points, or 0.6%, to 6,901
Germany’s Dax down 1%
France’s CAC down 1.1%
Italy’s FTSE MiB down 1%
Spain’s Ibex down 0.7%
Portugal’s PSI down 0.6%
Strong public finances are the foundation of a strong economy. To stabilise markets, I’ve been clear that protecting our public finances means difficult decisions lie ahead.
We will do whatever is necessary to get drive down debt in the medium term and to ensure that taxpayers’ money is well spent, putting the public finances on a sustainable path as we grow the economy.
