The Daily Teabag

Centre Block, Parliament Hill, Ottawa — Photo: Ken Lund, CC BY-SA 2.0

Debt & Fiscal|Canada

PBO: federal deficits stay above $63 billion a year to 2030-31 as Champagne sets Budget 2026 for 5 November

The Parliamentary Budget Officer’s October outlook (20 October) projects a $63.3 billion deficit this year, peaking at $70.2 billion in 2027-28 and still $67.8 billion in 2030-31. New measures since June, led by the $36 billion Productivity Mega Deduction, cost $52.6 billion over five years and outweigh the extra revenue from higher prices. Debt charges climb from $59.3 billion to $83.0 billion. The same day, Finance Minister François-Philippe Champagne said he will table Budget 2026 on 5 November.

Daily Teabag Desk·October 23, 2026Centre

Palace of Westminster, London — Photo: Diliff, CC BY-SA 2.5

Debt & Fiscal|World

UK national debt passes £3 trillion for the first time as September borrowing reaches £24.5 billion

The Office for National Statistics (21 October) puts public sector net debt at £3,005.0 billion at the end of September, the first time above £3 trillion, or 94.0% of GDP. As a share of the economy, debt is 0.7 points lower than a year ago. September borrowing was £24.5 billion, £1.9 billion above the OBR forecast, with £10.9 billion in central government debt interest, the highest September since records began in 1997. The Budget is on 28 October.

Daily Teabag Desk·October 23, 2026Centre