Labour and Tories race to ramp up spending despite borrowing risks

Labour’s £150bn plan to refit schools, hospitals and housing to tap historically low lending rates

Labour has announced £150bn of additional infrastructure spending as part of a range of plans that signal a large rise in public borrowing, amid bids from both parties to ramp up spending.

It comes as the independent Office for Budget Responsibility scrapped a plan to publish official figures for government borrowing under the Conservatives, which were expected to show an increase in the budget deficit – the difference between the level of government spending and income from taxes.

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Author: Richard Partington Economics correspondent | Source

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