Reform UK MP Richard Tice has lashed out at Chancellor Rachel Reeves after the UK Government’s borrowing costs were revealed.
The Office for National Statistics (ONS) reported that borrowing exceed its forecast in the last financial year by almost £15bn.
Borrowing is the difference between total public sector spending and income - it amounted to £151.9bn over the 12 months to end of March.
Chancellor Rachel Reeves defended the spending, saying: “We are in a different economic circumstance than in a few months ago.
Richard Tice hit out at Rachel Reeves
PA / GB NEWS
“We are set to be the fastest growing European economy in the G7.”
Tice responded: “She’s dreaming. She is entitled to, I suppose. But she is delusional.
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The borrowing costs are another blow for Rachel Reeves
POOL“The OBR (Office for Budget and Responsibility) have slashed their forecast, the IMF (International Monetary Fund) have slashed their forecast, the Bank of England have slashed their forecast.
“We will be lucky to see any growth whatsoever this year. What we do know is, the cash is pouring out the door, the Government is borrowing far more than we are earning and we are heading towards a debt crisis unless we change course.
“If you have no growth or a recession, that Government borrowing will move to nearer £200bn a year and city markets will rebel.”
Tice said the numbers were “catastrophic” and his past remarks have proven prophetic.
Richard Tice joined Andrew Pierce and Bev Turner on GB News
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“Just four weeks ago, I said the OBR’s forecast at the Spring Statement was delusional and we would be borrowing much more - the numbers are actually worse than I forecast”, he said.
“These numbers are dire. The truth is, Government spending and borrowing is completely and utterly out of control. Our growth forecast is collapsing and unless we change course, we are heading for a debt crisis.
“For the OBR to be more than 10 per cent wrong in just four weeks, I called it out and worked it out, I don’t have 40 economists advising me, it makes you wonder what the point of these people is.”
Responding to the figures, Chief Secretary to the Treasury Darren Jones insisted the Government would always be responsible when dealing with public finances.
He added: “We are laser-focused on making sure taxpayer money is delivering our Plan for Change missions to put more money in people’s pockets, rebuild the NHS and strengthen our borders.”
