UK public sector borrowing records worst October since 2009

British public finances reached the worst October deficit since 2009, data released on Friday showed.

According to the Office for National Statistics, UK’s headline public borrowing rose to £8.2bn last month from £7.1bn in the corresponding period in 2014, exceeding forecasts for a £6bn reading.

The figure could see the Office for Budget Responsibility increase its forecast for government borrowing in the 2015-16 financial year, which would present Chancellor George Osborne with a serious challenge to meet his borrowing targets.

In July, the chancellor unveiled plans to cut the budget deficit this year to £69.5bn, representing 3.7% of Britain’s gross domestic product, from £89.2bn in the year to the end of March. However, to meet his target, Osborne will have to borrow £15.2bn from November through to March.

In the first half of the 2015-2016 tax year, public sector borrowing declined 10.9% to £54.3bn compared with the period between April and October 2014, while other current spending rose £1.4bn from October last year.

On Wednesday, Osborne will publish updated budget forecasts, in which he is expected to outline how government departments will cut spending by approximately £20bn over the next four years.