UK reports £1.8bn deficit ahead of budget

The UK government ran a £1.8 billion deficit in July, higher than expected, with total public debt reaching £2.98 trillion, or 94% of GDP. Chancellor John Healey will announce his first budget on October 28, facing challenges from rising interest rates, increased debt interest costs, and the need for additional funding for defense and public services. Despite slower-than-forecast deficits earlier, higher inflation and bond yields threaten fiscal stability.

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