To what extent have the public finances really been brought under control? This morning’s update from the Office for National Statistics reveals that public sector net borrowing reached £16.7 billion in February. This is more than double the figure from February 2022 of £7.1 billion, and also well above the consensus estimate of around £11 billion.

It is the highest February borrowing figure since records began, primarily driven upward by the Energy Price Guarantee, which continues to see the government cap the unit price of energy and subsidise the rest.