The significant borrowing underscores the fiscal challenges facing the UK government as it grapples with high debt levels, rising interest rates, and growing public sector demands.
Chancellor Rachel Reeves is expected to announce £40 billion of fiscal tightening in her Autumn Budget, which will include a combination of tax increases and potential spending cuts to reduce the growing deficit.
The debt-to-GDP ratio reached 98.5% in September, the highest since the 1960s, driven largely by a sharp rise in debt interest payments.
Reeves and Prime Minister Sir Keir Starmer have both stated that Labour will need two years to address the significant public sector debt while also laying out its long-term economic strategy.
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