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£2bn rise in borrowing as Brexit inflation hits cost of government debt

July 21, 2017 1:13 PM

Vince Cable

Public sector net borrowing soared by £2bn in June compared to a year earlier, as debt costs rose due to higher inflation, figures published today have revealed.

Liberal Democrat Leader Vince Cable commented: "This rise in borrowing is a direct consequence of the dramatic fall in the pound since last year's Brexit vote. Instead of the £350m for the NHS that was promised, people's living standards are falling and borrowing is going up.

"It shows why we need to offer people an exit from Brexit. Nobody voted last year to become poorer or to increase the amount of their taxes spent on paying down the national debt."

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