Government borrowing higher than expected in August
Summary
In August, the UK government borrowed £18 billion, which is more than expected. This borrowing amount is the highest for the month of August in five years. The reason for the increased borrowing is higher spending on public services, benefits, and debt interest, despite higher tax and National Insurance receipts.Key Facts
- The UK government borrowed £18 billion in August.
- This borrowing is £3.5 billion more than in August last year.
- It is the highest August borrowing in five years.
- The government spent more on public services, benefits, and debt interest.
- Tax and National Insurance receipts were also higher than before.
- Total borrowing for the financial year’s first five months is £83.8 billion.
- This total is £16.2 billion more than the same period last year.
- Data was reported by the Office for National Statistics (ONS).
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.