Government borrowing for September third highest on record

Published On Oct 22, 2024, 2:12 AM

Government borrowing in the UK for September hit £16.6 billion, marking it as the third highest on record since 1993. This figure is £2.1 billion more than the same month last year and slightly lower than economist forecasts of £17.5 billion. The increase in borrowing is attributed to higher public spending, including rising debt interest and public sector wages, despite an increase in tax revenue. The latest figures come before a significant Budget announcement next week, where the Treasury is expected to revisit its self-imposed debt management rules.