FxNews—In September 2024, the UK’s government borrowing, not counting the money from public sector banks, increased to £16.6 billion. This rose from £14.5 billion at the same time last year, although it was lower than the expected £17.5 billion.
Public Spending Rises by £5.9B, Driven by Debt Costs
Total public sector spending increased by £5.9 billion to £105.9 billion. This increase was mainly due to higher debt repayment costs and more money spent on public services. However, benefits spending decreased.
The government’s income increased by £3.8 billion to £89.3 billion, mostly because the central government collected more taxes.
UK Government Borrowing Surges to £79.6 Billion
From April to September 2024, the government borrowed £79.6 billion, which is £1.2 billion more than last year during the same period. This exceeds the forecast by £6.7 billion, set £ by the Office for Budget Responsibility (OBR) at £ 73.0 billion.
This is the third-highest borrowing figure for this period since records began in January 1993.