UK Public Sector Borrowing Hits Near-Record High in October 2023
In October 2023, the UK's public sector borrowing (excluding banks) rose to £14.9 billion, a significant jump from last year's £10.5 billion in the same month and surpassing the anticipated £13.7 billion. This represents the second-highest borrowing for October since records started in 1993. There was a 7.7% increase in total spending, reaching £99.8 billion, mainly due to higher expenses like increased benefit payments, despite the end of energy price-related payments from October 2022. On the revenue side, there was a modest 3.3% increase to £85.2 billion, largely driven by a £2.7 billion increase in central government tax receipts.