Business news live - Government borrowing in September hits highest level since Covid
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Business news live - Government borrowing in September hits highest level since Covid
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"The UK government borrowed 20.2bn in September - the difference between public income and spending - which is the highest level for the month since Covid. The figure was in line with OBR forecasts but cumulative borrowing is still significantly above the OBR forecast and the latest release still paints a picture of deteriorating public finances, said RSM UK chief economist Thomas Pugh. The chancellor will probably have to raise around 30bn at the budget in the autumn, he added."
The UK government borrowed 20.2bn in September, the highest level for that month since Covid. The September figure aligned with OBR forecasts but cumulative borrowing remains significantly above projections, indicating deteriorating public finances. RSM UK chief economist Thomas Pugh said the chancellor will probably need to raise around 30bn at the autumn budget. Pizza Hut's dine-in restaurant firm entered administration and the finance chief at discount retailer B&M resigned after a 7m oversight. Challenger bank Zopa launched a high-interest savings account offering a 4.75 per cent rate ahead of inflation data likely showing 4 per cent for September. The Independent emphasizes on-the-ground reporting and relies on reader support while avoiding paywalls.
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