Government Borrowing Rises Ahead of Autumn Statement Announcements

Official data showed an increase in government borrowing to £14.9 billion, in the second-highest October borrowing since monthly records began in 1993. This is £4.4 billion more than was borrowed in October last year, according to the Office of National Statistics (ONS). Compared to the forecast by the Office for Budget Responsibility (OBR) for October, the figure was up by £1.2 billion. This was the first time the figure overshot the official forecast this financial year. Public sector net borrowing for the first six months of the financial year was at £83.4 billion. It compares to a £81.7 billion, previously estimated and published in September. The difference is explained by reduced tax and national insurance contributions, as well as weaker income taxes....