UK Government borrowing came in higher than forecast in October amid higher debt interest payments, according to official figures.
Borrowing rose to £17.4 billion last month marking the second highest October figure since monthly records began.
The Office for National Statistics (ONS) said public sector net borrowing was £1.6 billion higher than the same month last year.
Public sector net borrowing excluding public sector banks was £17.4 billion in October 2024, £1.6 billion more than this time last year and the second highest October borrowing since monthly records began in January 1993.
— Office for National Statistics (ONS) (@ONS) November 21, 2024
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Economists had predicted £13.3 billion of borrowing for October.
The fresh figures showed that central government debt interest rose to £9.1 billion for the month – the highest October figure on record.
ONS deputy director for public sector finances, Jessica Barnaby, said: “This month’s borrowing was the second highest October figure since monthly records began in January 1993.
“Despite the cut in the main rates of national insurance earlier in 2024, total receipts rose on last year.
“However, with spending on public services, benefits and debt interest costs all up on last year, expenditure rose faster than revenue overall.”
