U.K. public sector net borrowing rose to £3.1 billion ($4.037 billion) in July, up by £1.8 billion the previous year, the Office for National Statistics announced Wednesday. The figure was higher than a consensus forecast of £2.5 billion, while borrowing across the first four months of the year came in £4.7 billion above the independent Office for Budget Responsibility’s March forecast. Alex Kerr, UK economist at Capital Economics, said it “continued the recent run of bad news on the fiscal position.” Even if spending does not continue to outpace forecasts, tax rises should be expected in the new Labour government’s first budget on Oct. 30, Kerr added. Read More