Oil falls below $100 a barrel on reports Iran ‘makes strait of Hormuz offer’; UK government borrowing paints ‘dismal picture’ – business live

The rising cost of servicing the UK national debt pushed up borrowing last monthHow much ‘headroom’ might John Healey still have to keep within the government’s fiscal rules?That’s the question dogging Westminster and the City.“The chancellor has probably lost about half the headroom he inherited, leaving it between £10bn to £15bn. As long as the headroom is in double figures, he will probably be able to avoid toppi…