Summary
UK government borrowing in October was £17.4 billion, which was £2 billion more than analysts expected. Although borrowing decreased from the previous year, it was still one of the highest October amounts on record. The figures were released just before Chancellor Rachel Reeves is set to announce the new Budget, which may include tax increases and spending cuts.
Key Facts
- UK government borrowing in October was £17.4 billion.
- This amount was £2 billion more than analysts expected.
- Borrowing decreased compared to £19.2 billion in October last year.
- The Office for National Statistics (ONS) reported these figures.
- This borrowing was the third-highest October amount on record.
- Increased tax and National Insurance contributions offset higher spending on public services and benefits.
- Borrowing for the financial year to October was £116.8 billion, the second-highest since 1993.
- Chancellor Rachel Reeves is expected to announce a Budget with possible tax increases and spending cuts.
