UK government borrowing reaches £16.6bn in September, third highest since 1993, driven by debt interest and public sector pay raises.

In September, UK government borrowing hit £16.6 billion, the third highest for the month since records began in 1993, and exceeded forecasts. This increase was driven by higher debt interest and public sector pay raises, despite a rise in tax revenues. Year-to-date borrowing reached £79.6 billion. As Chancellor Rachel Reeves prepares for the Autumn Budget on October 30, significant tax hikes and spending cuts of £40 billion are anticipated. Public sector net debt stands at 98.5% of GDP.

October 22, 2024
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