Britain’s Borrowing Outlook Darkens as Energy Shock Deepens

Chancellor Rachel Reeves has been warned that government borrowing is set to spike as a result of the Iran war, as the Office for Budget Responsibility admitted it had underestimated the effects of the last energy price shock. In a review of its forecasting models, the OBR suggested it had learned lessons from Russia’s full-scale invasion of Ukraine, which led to gas prices rising by around five times. It said the overall impact on public finances “was to significantly increase government borrow