Highest government borrowing in September for five years
Summary
UK government borrowing in September was the highest for the month in five years, reaching £20.2 billion. Borrowing rose due to increased debt interest payments, despite higher tax income from changes like increased national insurance contributions.Key Facts
- UK borrowing in September was £20.2 billion, the highest in five years for that month.
- Borrowing increased by £1.6 billion compared to September last year.
- The rise in borrowing was due to increased debt interest payments.
- From April to September, borrowing reached £99.8 billion, up £11.5 billion from the same period last year.
- September's figures followed a similar trend in August, with borrowing at a five-year high for that month too.
- The borrowing figure was slightly below analysts' predictions but aligned with earlier government forecasts.
- Increased tax income was partly due to higher employers' national insurance contributions.
- Pay raises and inflation also raised government running costs and state benefit costs.
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