Government borrowing in October was higher than expected at £14.9bn, largely pushed up by higher benefit payments, official figures show.
But the figures showed a smaller-than-expected deficit across the first half of the financial year.
This was due to higher tax receipts in previous months, reflecting higher wages and inflation.
This was due to higher tax receipts in previous months, reflecting higher wages and inflation.
Spending on cost of living payments and higher interest on public debt – the biggest of any October since monthly records began – meant the public finances saw a bigger shortfall than at the same point last year.
Borrowing was up £4.4bn from a year earlier and the second highest figure for October, behind only 2020’s figure when spending was affected by the pandemic.
The borrowing figure – the difference between spending and tax income – was also higher than the £13.7bn forecast by the UK’s fiscal watchdog, the Office for Budget Responsibility (OBR).
It was the first time borrowing has surpassed the OBR’s predictions this financial year.
But better-than-expected tax receipts earlier in the financial year have resulted in an overall smaller deficit than the OBR forecast at the time of the spring Budget.
Government borrowing in October was higher than expected at £14.9bn, largely pushed up by higher benefit payments, official figures show.
This was due to higher tax receipts in previous months, reflecting higher wages and inflation.
But the figures showed a smaller-than-expected deficit across the first half of the financial year.
Spending on cost of living payments and higher interest on public debt – the biggest of any October since monthly records began – meant the public finances saw a bigger shortfall than at the same point last year.
This was due to higher tax receipts in previous months, reflecting higher wages and inflation.
This was due to higher tax receipts in previous months, reflecting higher wages and inflation.
Spending on cost of living payments and higher interest on public debt – the biggest of any October since monthly records began – meant the public finances saw a bigger shortfall than at the same point last year.
Borrowing was up £4.4bn from a year earlier and the second highest figure for October, behind only 2020’s figure when spending was affected by the pandemic.
The borrowing figure – the difference between spending and tax income – was also higher than the £13.7bn forecast by the UK’s fiscal watchdog, the Office for Budget Responsibility (OBR).
It was the first time borrowing has surpassed the OBR’s predictions this financial year.
But better-than-expected tax receipts earlier in the financial year have resulted in an overall smaller deficit than the OBR forecast at the time of the spring Budget.
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