UK finances near 'breaking point' ahead of Budget with public borrowing £1.5bn higher than OBR forecasts

Data for September

UK public sector borrowing increased above official forecasts in September, after the government borrowed £16.6bn last month.

This was to cover the difference between public sector spending and income, and was £2.1bn more than in September 2023, according to data from the Office for National Statistics. This made it the third-highest September borrowing since monthly records began in January 1993. It was also £1.5bn higher than the £15.1bn borrowing forecast by the Office for Budget Responsibility (OBR) for the month. Public sector net borrowing Source: Office for National Statistics This comes just over a week ahead of Chancellor Rachel Reeves' first Budget, which has been widely speculated upon with ...