Thanks for joining me. Rachel Reeves borrowed more than expected in March as economists warned weak growth and rising energy costs from the Iran war would continue to pile pressure on public finances. Rising welfare payments and higher public sector pay meant the government borrowed £12.6bn in March to cover the gap between tax receipts and public spending, according to the Office for National Statistics (ONS). This exceeded the £10.4bn expected by economists, even as a drop in debt interest payments meant the figure was £1.4bn lower than a year ago and the lowest March borrowing since 2022. Economists warned the data “may prove a poor guide to what comes next” as the effects of the Iran war take hold. Martin Beck, chief economist at WPI Strategy, soaring revenues from North Sea oil and gas would be offset by weaker growth and a potential support package to lower household energy bills.…