“Today’s numbers show that the deficit for August was higher than expected, with a triple whammy of geopolitical uncertainty, persistent inflation and rising gilt yields squeezing the public purse.
“While borrowing for the five months to August was lower than a year ago, it was £8bn over budget. With limited headroom it remains challenging for the Chancellor to both increase public spending significantly and stay within the government’s existing fiscal rules.
“Though geopolitical events are outside the Chancellor’s control, the Budget is an opportunity for him to take charge where he can. We’re urging him to take this opportunity to bring clarity to the fiscal headroom available and stabilise the public finances to avoid market surprises, reduce pressure on future generations and help reduce debt interest costs.”
ENDS
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Chartered accountants are talented, ethical and committed professionals. ICAEW represents more than 211,600 members and students around the world. 81 of the top 100 global brands employ ICAEW Chartered Accountants.* 82% of FTSE 100 companies have an ICAEW member on their board.
Founded in 1880, ICAEW has a long history of serving the public interest and we continue to work with governments, regulators and business leaders globally. And, as a world-leading improvement regulator, we supervise and monitor more than 11,500 firms, holding them, and all ICAEW members and students, to the highest standards of professional competency and conduct.
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ICAEW is a founding member of Chartered Accountants Worldwide (CAW), a global family that connects over 1.8m chartered accountants and students in more than 190 countries. Together, we support, develop and promote the role of chartered accountants as trusted business leaders, difference makers and advisers.
We believe that chartered accountancy can be a force for positive change. By sharing our insight, expertise and understanding we can help to create sustainable economies and a better future for all.
* includes parent companies. Source: ICAEW member data March 2026, Interbrand, Best Global Brands 2025.
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