Politics LIVE: Rachel Reeves borrows £17.4 BILLION in just one month as UK economy risks becoming next victim of Labour chaos
WATCH NOW: Mark Dolan discusses Rachel Reeves' credentials to be Chancellor
GB NEWS
Chancellor Rachel Reeves has borrowed a staggering £17.4billion in October 2024 in yet another blow for Sir Keir Starmer.
The Office for National Statistics confirmed the surge in borrowing was £1.6billion more than compared to October 2023, making it the second highest October borrowing since monthly records began in January 1993.
City chiefs were expecting a far smaller borrowing figure, around £12.3billion, after Reeves requested £16billion in September.
However, the announcement comes after Labour came under fire for axing Winter Fuel Payments and ending death duty exemptions for farmers.
Jessica Barnaby, deputy director for public sector finances at the ONS, said: "This month’s borrowing was the second highest October figure since monthly records began in January 1993.
"Despite the cut in the main rates of National Insurance earlier in 2024, total receipts rose on last year.
"However, with spending on public services, benefits and debt interest costs all up on last year, expenditure rose faster than revenue overall.”
The UK also spent a staggering £9.1billion on debt servicing costs.
Defending Labour's position, Chief Secretary to the Treasury Darren Jones claimed the Government
He said: "We inherited a £22billion black hole in our public finances from the previous Government.
"At the Budget we addressed this, fixing the foundations and putting public finances on a sustainable footing to rebuild the country.
“This Government will never play fast and loose with the public finances.
"Our new robust fiscal rules will deliver stability by getting debt down while prioritising investment to deliver growth.”
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'Not welcome!' Reform UK MP demands detaining and deporting illegal immigrants
Reform UK MP Rupert Lowe has called for detaining and deporting illegal immigrants who "roam freely" around British towns.
Lowe said: "Why shouldn't we securely detain illegal migrants? Why are they free to roam British towns as they please with no restrictions?
"They ditched their passports, they entered the country illegally - they are not welcome in our communities. Detention, followed by deportation."
John Prescott dies aged 86 after battle with Alzheimer's
Lord Prescott served for 10 years as deputy prime minister following Labour's 1997 general election landslide.PAFormer deputy prime minister John Prescott has died aged 86 following a battle with Alzheimer's disease, his family has announced.
The Labour peer passed away peacefully at his care home, surrounded by his loved ones.
Lord Prescott, who served as Britain's longest-serving deputy prime minister under Tony Blair, died with his family by his side while listening to the jazz music of Marian Montgomery.
His wife Pauline and sons Johnathan and David confirmed his death in a statement, saying he had dedicated his life to improving the lives of others and fighting for social justice.
In their statement, the family said: "We are deeply saddened to inform you that our beloved husband, father and grandfather, John Prescott, passed away peacefully yesterday at the age of 86."
'Biased!' BBC uses Labour activist to back Reeves on farmers' death duty grab after 'truth-checkers' delete statement supporting raid claims
The BBC has received backlash after it used a Labour activist to support Rachel Reeves on the Goverment’s claims on the farmers’ death duty.
The BBC Verify article - which was written by "independent tax expert" Dan Neidle - was criticised for its "biased" behaviour after it deleted the article which backed Labour.
Neidle's article - called "How many farms will be affected by Budget tax rises?" - said that the Government’s figures about the number of farms which are likely to be affected by the tax raid was "likely" to be correct.
After the Prime Minister shared the broadcaster’s findings, a political row broke out over the BBC’s independence and impartiality.
Elon Musk takes swipe at Starmer as Tesla chief predicts Reform UK surge - 'Utterly crushed!'
Elon Musk has taken a swipe at Sir Keir Starmer as the Tesla chief appeared to predict Reform UK would make major gains at the next General Election.
Responding to JL Partners poll claiming Musk is more liked in Britain than the Prime Minister, the South African born businessman replied: "Low bar, to be honest."
Musk also suggested lenient sentences for British criminals will only fuel the fire of populist parties.
He said: "The Establishment political parties are going to get utterly crushed in the next UK election."
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