Warning lights are flashing on the public finances today after borrowing hit a new record outside Covid last month.
Government borrowing spiked to £23.3billion in May, far higher than analysts had anticipated.
The level was the highest for the month apart from 2020, when the pandemic was peaking.
The rise was fuellled by debt interest costs surging to a new May peak, as well as higher spending – which outweighed bigger tax revenues as the burden heads towards a new peak.
The grim numbers will fuel concerns about the danger of Labour lurching to the Left under Andy Burnham, as many of his MP supporters
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