Government borrowing for October higher than expected

"still the third-highest October figure on record in cash terms"

"While spending on public services and benefits were both up on October last year, this was more than offset by increased receipts from taxes and National Insurance contributions,"

"That money should be going to our schools, hospitals, police and armed forces,"

"That is why we are set to deliver the largest primary deficit reduction in both the G7 and G20 over the next five years - to get borrowing costs down."

UK government borrowing was £17.4bn in October, down from £19.2bn in the same month last year but about £2bn higher than analyst expectations of £15bn. The Office for Budget Responsibility had forecast £14.4bn for October. Borrowing in the financial year to October reached £116.8bn, £9bn higher than the same seven-month period in 2024 and the second-highest April–October total since records began in 1993, after 2020. Rising tax and National Insurance receipts partly offset higher spending on public services and benefits. Interest payments now consume one in every ten pounds of taxpayer money. A Budget is due within a week with tax rises and spending cuts on the table.

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