UK borrowing hits five-year high for August at £18bn

Worsening public finances mean Rachel Reeves will almost certainly announce tax rises in November budget

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UK government borrowing rose to a five-year high in August, official figures show, fuelling growing expectations for Rachel Reeves to raise taxes at the autumn budget.

Figures from the Office for National Statistics (ONS) showed public sector net borrowing – the difference between public spending and income – rose to £18bn in August, £3.5bn more than in the same month a year earlier.