Jessica Barnaby, the ONS deputy director for public sector finances, stated, "July borrowing was almost 2bn higher this year than in 2023. Revenue was up on last year, with income tax receipts in particular growing strongly. However, this was more than offset by a rise in central government spending where, despite a reduction in debt interest, the cost of public services and benefits continued to increase."
Darren Jones, the chief secretary to the Treasury, remarked, "Today's figures are yet more proof of the dire inheritance left to us by the previous government. A 22bn black hole in the public finances this year, a decade of economic stagnation, and public debt at its highest level since the 1960s... we are taking the tough decisions that are needed to fix the foundations of our economy."
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