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Reeves dealt £3bn VAT blow as shoppers ‘switch to cheaper food’
Yahoo Finance·2025-09-20 00:20

ONS chief economist Grant Fitzner said: “Although overall tax and National Insurance receipts were notably up on last year, these increases were outstripped by higher spending on public services, benefits and debt interest.”Meanwhile, departmental spending on goods and services was up £16.2bn to £189.8bn as pay rises and inflation increased running costs.Interest payable on central government debt has increased by £10.6bn to £49.9bn since April as a result of fluctuations in inflation-linked bonds.The Gover ...