UK government borrowing jumps to £14.9bn in October

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The UK government borrowed £14.9bn in October, more than a year earlier and the second-highest figure for the month on record, according to official figures that confirm the continued pressure on the public finances.

In the financial year to October, the deficit was £98.3bn, which was £21.9bn more than in the same seven-month period last year but less than was forecast by the Office for Budget Responsibility in March 2023.

Jeremy Hunt, the chancellor, said: “We met our pledge to halve inflation, but we must keep on supporting the Bank of England to drive inflation down to 2 per cent. That means being responsible with the nation’s finances.

“At my Autumn Statement tomorrow, I will focus on how we boost business investment and get people back into work to deliver the growth our country needs.”

This is a developing story

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