The UK government reported public sector net borrowing of £1.1 billion in July 2025, which was below market estimates of £2.0 billion and significantly lower than the £20.7 billion recorded in July 2024 and £22.6 billion in July 2023. This marks the lowest July borrowing in three years. Despite the monthly improvement, borrowing for the financial year to July 2025 totaled £60 billion, which is £6.7 billion higher than the same period the previous year. The borrowing figures for the April-July period aligned with forecasts, providing some relief amid ongoing fiscal challenges. Meanwhile, Kenya's National Treasury has begun preparations for the 2026/27 budget amid a challenging global economic environment characterized by rising trade barriers, tighter financial conditions, and policy uncertainties. Kenya's fiscal year 2024/25 revenues reached KES 2.92 trillion, falling short of targets by KES 67 billion, with a fiscal deficit of KES 1.01 trillion (5.8% of GDP) financed through net borrowing. For fiscal year 2025/26, Kenya projects revenues of KES 3.32 trillion (17.2% of GDP) against expenditures of KES 4.27 trillion (22.2% of GDP), resulting in a fiscal deficit of KES 901 billion (4.7% of GDP). Domestic borrowing in Kenya is accelerating, with KES 255 billion raised in the first two months of FY 2025/26. Lending rates in Kenya have increased to 17.2%, reflecting tighter monetary conditions.