Rachel Reeves's disastrous mishandling of the thriving economy she inherited from the Tories means the UK is heading for a full-blown financial crash – and nothing can stop it now, says Matthew Lynn.
Homeowners face paying an extra £13,000 on their mortgages following Rachel Reeves’s high-spend Budget that the OBR predicts will drive up mortgage rates from 3.7% to 4.5%.
Government borrowing last month was the second highest figure for August on record and came in £5 billion higher than was expected.
The Government borrowed £10.4 billion in July, the second-highest figure for July since records began. Following a year of lockdowns, U.K. national debt stands at more than £2.2 trillion.
With the Government having borrowed another £24 billion in May and the national debt standing at £2.2 trillion, a former Chancellor has warned there is a "big risk" of inflation spiralling out of control.
