# Budget will unveil £70billion borrowing to pay welfare bill, city experts warns

- URL: https://talkfuse.com/story/budget-will-unveil-70billion-borrowing-to-pay-welfare-bill-city-experts-warns/
- Published: 2026-10-24T22:35:17+00:00
- Updated: 2026-10-24T23:52:41+00:00
- Original publisher: Daily Mail (publisher lean: Right)
- Original article: https://www.dailymail.com/news/article-16236101/Budget-borrowing-welfare-bill.html?ns_mchannel=rss&ns_campaign=1490&ito=1490
- Topics: World

## Key points

- City experts forecast £70 billion in extra borrowing.
- Debt has topped £3 trillion, with record monthly interest costs.
- Defence and benefits decisions may be deferred.

## Summary

City economists predict that Chancellor John Healey’s Budget will set out about £70 billion in additional borrowing over the coming years to cover rising debt interest and welfare costs. The forecast matters because it would add to public debt and leave difficult spending choices, including defence and benefits, for the Government to address later.

The article says the Government’s borrowing was already £6 billion higher than the Office for Budget Responsibility forecast in the spring, while debt exceeded £3 trillion and monthly interest costs reached a record £10.9 billion. Higher borrowing could add £70 billion to public sector net debt by 2031–32, according to Deutsche Bank economist Sanjay Raja; Healey is also reported to be considering tax rises for banks and gambling firms, and investment funding for the British Business Bank and National Wealth Fund.

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Summarised by TalkFuse (https://talkfuse.com/). Quote the original publisher for the reporting and link this page for the summary and discussion.