Highest government borrowing figure in 5 years - official figures

Government borrowing past period was the highest successful 5 years, authoritative figures show, exacerbating the situation facing Chancellor Rachel Reeves

Not since 2020, successful the aboriginal days of the COVID-19 pandemic with the furlough strategy ongoing, was the August borrowing fig truthful high, according to information from the Office for National Statistics (ONS).

Money blog: Borrowers warned of wider marketplace risk

Tax and nationalist security receipts were "noticeably" higher than past year, but those rises were offset by higher spending connected nationalist services, benefits and involvement payments connected debt, the ONS said.

It meant determination was an £18bn spread betwixt authorities spending and income, a fig £5.25bn higher than expected by economists polled by Reuters.

A governmental headache

It compounds the occupation for Ms Reeves arsenic she approaches the November budget.

Her self-imposed fiscal rules accidental she indispensable bring down authorities indebtedness and equilibrium the fund by 2030.

Responding to the figures, Ms Reeves's deputy, main caput to the Treasury, James Murray, said: "This authorities has a program to bring down borrowing due to the fact that payer wealth should beryllium spent connected the country's priorities, not connected indebtedness interest.

"Our absorption is connected economical stability, fiscal responsibility, ripping up needless reddish tape, tearing retired discarded from our nationalist services, driving guardant reforms, and putting much wealth successful moving people's pockets."

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