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And what, asked Sky News, about his self-imposed restrictions on government borrowing, known as his fiscal rules?

Plans for borrowing and spending had kept inflation higher, he said.

Tens upon tens of billions of pounds of taxes and borrowing for public services and long-term projects, like rail lines and power stations.

Other factors such as increased borrowing costs and decarbonisation plans were also playing a part, said GEL.

If there is an acceptance there can't be any more borrowing and the economy remains in the slow lane, that points to more tax rises in the Budget in the autumn.