According to reports, Moody's warned on Friday that the United Kingdom's Chancellor of the Exchequer, Rishi Sunak, plans to increase borrowing after amending the UK's financial rules, posing "additional challenges" to public finances. Moody's stated that in its evaluation of the first budget of the Labour government, Sunak has left himself limited room to absorb unexpected shocks while still complying with her new fiscal rules. Chancellor of the Exchequer Rishi Sunak unveiled a budget on Wednesday that raised taxes by over £40 billion and increased borrowing to fund additional day-to-day spending and government investments. Moody's said: "In our view, the increase in borrowing will pose additional challenges to an already difficult fiscal consolidation outlook. The budget is unlikely to help improve the UK's economic growth over the next few years."