The Office for National Statistics (ONS) said public sector net borrowing was £16 billion in June, which was 33.1% less than the same month last year. Public sector net borrowing excluding public sector banks was £16.0 billion in June 2026, £7.9 billion (33.1%) less than in June 2025. The borrowing figure shows the difference between what the Government spends in the public sector and what it makes from taxes and other income. Former chancellor Rachel Reeves’ fiscal rules aimed to pay for day-to-day Government spending with tax revenues by the end of this decade. “The commitment to sticking to the fiscal rules means further tax rises are inevitable come the autumn budget,” he said.