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UK Government Debt Soars Amid Welfare Reform Rollbacks

7/8/2025

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Summary

Story summary

The UK's government debt is climbing as welfare reforms are rolled back and spending cuts are scrapped. Following a heartfelt speech by Chancellor Rachel Reeves, borrowing costs surged. A spokesperson from Downing Street emphasized the urgent need to rein in public finances in light of global uncertainties and rising interest rates.

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Story summary

The UK's government debt is climbing as welfare reforms are rolled back and spending cuts are scrapped. Following a heartfelt speech by Chancellor Rachel Reeves, borrowing costs surged. A spokesperson from Downing Street emphasized the urgent need to rein in public finances in light of global uncertainties and rising interest rates.