Rachel Reeves has admitted she accepted money for clothes, as the backlash over gifts from donors threatened to overshadow the Labour Party conference this weekend. The Chancellor has received almost £7,

The public finances have been put under enormous strain by the costs of responding the triple whammy of the financial crisis, the pandemic and the energy crisis.

British government debt hit 100% of economic output for the first time in recent history and there was another large budget deficit last month, adding to the problems for finance minister Rachel Reeves as she readies her tax and spending plans.

While speculation is mounting about the tax raids that Rachel Reeves will carry out in her maiden Budget, the Treasury is already on course to borrow hundreds of billions of pounds over the next five years.

UK government borrowing sharply overshot expectations in August, pushing public debt to 100 per cent of GDP and delivering a blow to chancellor Rachel Reeves as she prepares for her first Budget next month.

UK government borrowing came in higher than forecast in the first five months of the fiscal year, keeping Chancellor Rachel Reeves under pressure to raise taxes to balance the books in her budget next month.