UK Gov't Borrowing Reached Pound 16 Bln Last Month Passing Forecasts

10/22/2024 7:09:27 PM

(MENAFN- Kuwait News Agency (KUNA)) LONDON, Oct 22 (KUNA) -- Official figures show that borrowing, the difference between spending and tax take, reached POUND 16.6 billion, continuing a trend of overshooting official forecasts.
The numbers present a challenge for the Treasury at the Budget next week as it has decided it will not borrow to fund day-to-day spending.
It is, however, expected to change its self-imposed debt rules to give it more leeway on investment, meaning it could spend more on longer-term projects.
The Office for National Statistics (ONS) said the spending increase was partly due to higher debt interest and public sector pay rises, such as the one Labour gave to junior doctors to settle their strike action in July.
Borrowing in the financial year to September 2024 was POUND 79.6 billion, POUND 1.2 billion more than at the same point in the last financial year and the third highest year-to-September borrowing since monthly records began in January 1993. (end)
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