Reeves has mountain to climb in budget after borrowing rise

Public finances figures contain no shocks but will underline need for either hefty tax rises or spending cutsUK borrowing reaches five-year high for September at £20.2bnBusiness live – latest updatesRachel Reeves has already seen the most significant numbers setting the backdrop for next month’s budget – the Office for Budget Responsibility’s (OBR) forecasts for five years’ time, when her fiscal rules are judged.But September’s public finances data, published on Tuesday, will hardly have lightened the mood in No 11 as she draws up plans for tax rises and spending cuts. Continue reading...