Pantheon Macroeconomics

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  • The public finances deteriorated in August; borrowing is now drifting well above profile.
  • Weak receipts account for most of the fiscal underperformance so far this year.
  • We think the Government has to raise £25B to restore the paltry £9.9B of fiscal headroom.

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Keywords for: 23 September 2025 UK Monitor

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