UK borrowing tops official forecasts again as Reeves readies budget
2024.10.22 02:37
LONDON (Reuters) -British public borrowing in the first six months of the tax year came in higher than official forecasts, data showed on Tuesday, underscoring the challenge facing finance minister Rachel Reeves in her first budget next week.
The government borrowed 79.6 billion pounds ($103.50 billion) between April and September – almost 7 billion pounds more than expected by the Office for Budget Responsibility which produces the economic and fiscal projections that underpin the government’s budgets.
In September alone borrowing stood at 16.6 billion pounds, less than a median forecast of 17.5 billion pounds in a Reuters poll of economists but higher than the OBR’s projection of 15.1 billion pounds made earlier this year.
It was the third biggest September borrowing total since records began in 1993.
Public debt stood at 98.5% of gross domestic product, the ONS said.
($1 = 0.7691 pounds)
