Government borrowing third-highest record in October as people not spending - official figures

Government borrowing was higher than expected and consumers tightened their belts, spending little than anticipated, authoritative figures show.

Government borrowing roseate to the third-highest October level connected record, though little than a twelvemonth ago, according to the Office for National Statistics (ONS).

It's the past appraisal of nationalist finances we'll get earlier Chancellor Rachel Reeves makes her fund announcement adjacent week. It showed spending connected benefits and nationalist services was up, which was offset by higher taxation takes.

Public assemblage nett borrowing reached £17.43bn, supra the £15bn forecast by economists polled by Reuters.

Retail income - however overmuch radical are spending - shrank 1.1% successful the half-term period of October. No maturation had been expected, alternatively than a contraction.

This matters arsenic retail income figures measurement household consumption, the largest expenditure successful the UK economy.

Consumers were holding backmost for Black Friday deals, retailers told the ONS.

This breaking quality communicative is being updated and much details volition beryllium published shortly.

Please refresh the leafage for the latest version.

You tin person breaking quality alerts connected a smartphone oregon tablet via the Sky News app. You tin besides follow america connected WhatsApp and subscribe to our YouTube channel to support up with the latest new