UK borrowing spikes as Reeves scrambles to strike US trade deal

Rachel Reeves is scrambling to strike a US trade deal to revive the economy on a trip to Washington today - as figures showed UK government borrowing spiking.

The Chancellor has vowed to 'defend Britain's interests' as she prepares for talks with American counterpart Scott Bessant during the three-day IMF summit.

Intense negotiations have been taking place for an agreement that could exempt Britain from Donald Trump's eye-watering tariffs on imports. Hopes have dwindled that the 'baseline' 10 per cent levy can be eradicated, but the 25 per cent imposed on cars, aluminium and steel, as well as threatened charges on pharma, are thought to be on the table.

The grim backdrop to the discussions was underlined ...
[Short citation of 8% of the original article]