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20th Oct 2025 17:53UKDaily Monitor
  • The ONS revised down borrowing by £4.2B, as an error in the collection of VAT receipts was corrected…
  • …But borrowing is still £7.2B higher than the OBR forecast for the first half of fiscal year 2025/26.
    We expect £33B of tax hikes and spending cuts in the Budget, back-loaded to 2029/30.

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Keywords for: 22 October 2025 UK Monitor

independent macro research, Pantheon Macro, Pantheon Macroeconomics, independent research, ian shepherdson, economic intelligence