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Burnham flags possible tax rises amid UK budget pressure

UK borrowing rose to £1.8 billion in July, following concerns over higher borrowing costs and an energy price shock after the US-Iran war.

Reported · Written up by our desk · Energy

Andy Burnham has suggested tax rises could be considered as the UK prepares for an Autumn Budget, warning he will not be unrealistic about the state of public finances, according to OilPrice.

Burnham said his approach would focus on giving people breathing space and easing the cost of living after taking office, while acknowledging fiscal pressures facing the country and stating that his spending plans would be fully funded.

OilPrice also notes that top economists have warned Chancellor John Healey may have limited room for new spending pledges after a spike in borrowing costs and an energy price shock linked to the US-Iran war.

In the latest backdrop to the debate, official figures show UK government borrowing reached £1.8 billion in July, which overshot market expectations.

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