A new OECD report suggests that VAT is the most effective tax-raising tool for the UK if public finances falter, also recommending long-term reforms focused on spending restraint, including ending the pensions triple lock.

Official figures show the UK borrowed £23.3 billion in May, nearly a third more than the previous year, leading to warnings about the 'fragile' state of public finances.

The United Kingdom's public finances recorded a record surplus in January.

Andy Burnham, a potential future prime minister, has affirmed his commitment to fiscal discipline regarding UK public finances, vowing to adhere to Labour’s manifesto promises on tax.

Rachel Reeves touts ‘stability’ of UK public finances in Spring Statement amid gilt sell-off

The UK government achieved its largest January surplus on record, marking a significant turnaround from the previous month's deficit.

Reports suggest the Iran war has caused less damage to UK public finances than initially anticipated, though Britain's likely next prime minister may still consider raising taxes to fund spending plans.

Ahead of the Chancellor's Spring Statement, Rachel Reeves is expected to highlight the UK's strong public finances to withstand the shock of the Iran conflict, while public sentiment on personal finances remains stressed.