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The Actual News

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Highest government borrowing in  September for five years

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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