Daniel Lacalle: UK public borrowing surges as spending and taxes rise

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22.05.2026

Daniel Lacalle: UK public borrowing surges as spending and taxes rise — UK borrowing up as spending, taxes rise

Daniel Lacalle, chief economist and investment manager at Tressis Gestion, criticizes the United Kingdom's approach to public finances. He points to increases in unsustainable current spending and higher taxes as key reasons for weakened growth, investment, and job creation.

According to Lacalle, borrowing reached £24.3bn in April, a 25 percent rise from the same month last year and significantly above expectations from the Office for Budget.

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Lacalle has previously cautioned that ongoing public sector stimulus has pushed debt levels higher while dampening growth and productivity, alongside raising taxes, according to a prior analysis. He has also highlighted that elevated gasoline prices in Europe are largely driven by heavy taxation, noting the impact on consumer costs in a separate report. These earlier views align with his current criticism of elevated government outlays and tax burdens in the UK.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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