Topic
government borrowing
Business UK Borrowing Surges to £23.3bn in May, Overshooting Forecasts by £5.6bn
UK government borrowing surged to £23.3bn in May, nearly a third higher than the same month last year and £5.6bn above the Office for Budget Responsibility's March forecast, according to the Office for National Statistics. Interest payable on government debt hit a record £11.7bn for May, driven by the Iran conflict and energy price surge, while Capital Economics warned of a fragile fiscal backdrop for the next prime minister following Andy Burnham's by-election win.
Finance India Seeks $2.5 Billion in Loans from World Bank and ADB as Subsidy Costs Rise
India is negotiating loans worth $2.5 billion from the World Bank and Asian Development Bank (ADB) to support urban infrastructure and job creation. The move comes as increased spending on fuel and fertiliser subsidies, driven by the Iran conflict and higher oil prices, has widened the budget gap. India imports over 80% of its crude oil, limiting fiscal space for large-scale projects.
Business India Government Sees GDP Momentum Intact, No Extra Borrowing Needed Despite Middle East Crisis
The Indian government remains confident in its growth outlook despite rising fuel and fertiliser import costs from the Middle East crisis, with sources saying GDP momentum is intact and no additional borrowing is needed. The government targets a fiscal deficit of 4.3% of GDP for FY27 and plans to reassess macroeconomic conditions in July after Q1 growth data.