"The government has borrowed £9.9 billion more than expected so far this fiscal year, intensifying the economic pressure on Chancellor Rachel Reeves as she prepares to deliver next week's Budget. New figures from the Office for National Statistics (ONS) show that public sector borrowing hit £17.4 billion in October, down £1.8 billion on the same month last year but still the third-highest October total on record."
"James Murray, chief secretary to the Treasury, said rising debt-servicing costs were limiting resources for frontline public services. 'Currently we spend £1 in every £10 of taxpayer money on the interest of our national debt,' he said. 'That money should be going to our schools, hospitals, police and armed forces.' Murray said the Budget would set out 'fair choices' to cut NHS waiting lists, reduce debt and tackle the cost of living."
Public sector borrowing reached £17.4 billion in October, down £1.8 billion year-on-year but the third-highest October total on record. Since April, borrowing has reached £116.8 billion, the second-highest level for the period and almost £10 billion above the Office for Budget Responsibility's March forecast. The government has borrowed £9.9 billion more than expected so far this fiscal year, increasing pressure on Chancellor Rachel Reeves ahead of the Budget. Rising debt-servicing costs consume a significant share of public funds, with £8.4 billion spent on debt interest in October, while higher tax and National Insurance receipts partly offset increased benefits and public service spending.
Read at Business Matters
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