UK Borrowing Exceeds Official Forecasts Ahead of ‘Difficult’ Budget

Published on October 22, 2024

Central government spending has been recorded at £79.6 billion, exceeding the forecasts by the Office of Budget Responsibility (OBR) and coming in as a fiscal challenge for the Treasury ahead of the October budget. The OBR has predicted the public sector net borrowing to stand at 72.9 billion in the first half of the financial year. However, figures published by the Office for National Statistics (ONS) recorded a grimmer picture for public finances. Six months into the fiscal year, central government spending was £1.2 billion more than a year earlier, and the highest September borrowing since 1993. The vast majority (£9.7 billion) of central government overspending comes from spending on goods and services, higher pay and local government running costs....

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