Overview

• Office for National Statistics data show government borrowing hit £20.7bn in June, marking the second-highest June figure since 1993.
• The IMF’s Article IV report cautioned that limited fiscal headroom could see small shocks knock the UK off course and urged Chancellor Reeves to build more leeway through tax or spending measures.
• Business Secretary Jonathan Reynolds described a proposed 2% annual wealth tax on assets over £10m as unworkable and ruled it out of the autumn budget.
• IMF recommendations include replacing the state pension triple lock with cost-of-living indexing and introducing means-tested NHS charges for higher-income users.
• With a projected £30bn funding gap, ministers face pressure to identify new revenue streams or reprioritise spending before the next fiscal statement.