Government borrowing higher than expected in October

Published On Nov 21, 2024, 2:08 AM

In October, the UK government reported borrowing of £17.4 billion, exceeding expectations and marking the second highest figure for the month since records began in 1993. This release follows Chancellor Rachel Reeves' first Budget, which outlines an increase in government spending by nearly £70 billion per year over the next five years, financed through a combination of higher taxes and additional borrowing.