UK govt borrows more than expected in October

The UK government borrowed more than expected in October as spending and debt repayments outstripped tax receipts, official data showed on Thursday.

Government borrowing surged to £17.4bn, up £1.6bn year on year, in the first figures published since Finance Minister Rachel Reeves’s Budget last month. Economists had been expecting around £12.3bn.

It is also the second highest October borrowing since monthly records started in 1993.

“Despite the cut in the main rates of National Insurance earlier in 2024, total receipts rose on last year. However, with spending on public services, benefits and debt interest costs all up on last year, expenditure rose faster than revenue overall,” said Jessica Barnaby, deputy director for public sector finances at the Office for National Statistics.

Reporting by Frank Prenesti for Sharecast.com