[gpt]Rewrite this headline in 12 words or less: Rachel Reeves faces gloomy autumn after borrowing overshoots[/gpt]

[gpt]Rewrite this article in 3-5 professional paragraphs with insights and context. Use

subheadings for each section. End with “Why it matters:” followed by one impactful sentence:

Very tough budget looms as interest rate costs on bonds drive June figure to second-highest on record

• UK borrowing rises more than expected

• Business live – latest updates

June’s public finances data, published on Tuesday, make a depressing end-of-term report card for Rachel Reeves, as MPs prepare to depart Westminster for the summer recess.

The Office for National Statistics (ONS) said public borrowing jumped to £20.7bn last month – a full £3.5bn higher than expected by the independent Office for Budget Responsibility (OBR).

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Source: Politics | The Guardian