Net borrowing by the UK public sector in June rose to the second highest level in history.

Data released by the UK National Statistics Office on the 22nd showed that net borrowing by the UK public sector in June reached 20.7 billion, the second highest level for that period since monthly records began in 1993. The data shows that net borrowing by the UK public sector in June was 6.6 billion higher than the same period last year, and 3.5 billion higher than the forecast by the Office for Budget Responsibility in March. The UK National Statistics Office stated that the increasing cost of providing public services and a significant rise in debt interest have pushed up overall expenditure, leading to an increase in net borrowing in June. As of the end of June, the UK public sector net debt accounted for 96.3% of GDP, up 0.5 percentage points year-on-year. Tom Clause, executive director of the UK Economic Issues Research Institute, said that considering the UK's economic contraction, high borrowing costs, and the government's inability to cut spending, it is expected that the government will announce tax increases in the autumn budget. The Office for Budget Responsibility released a report in early July stating that UK public debt is currently at its highest level since the early 1960s and is expected to increase further in the medium to long term.