UK government borrowing hit £17.4 billion in October, a record high driven by increased spending and debt costs.

UK government borrowing surged to £17.4 billion in October, the second-highest for the month since records began in 1993, according to the Office for National Statistics (ONS). This figure, £1.6 billion higher than October 2022, was driven by increased spending on public sector pay and services, as well as higher debt interest costs. Public debt is now estimated at 97.5% of GDP.

November 21, 2024
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