Government Borrowing Rises Above Forecast for October
News Context
At a glance
- * Borrowing reached £17.4 billion, which is down from the same month last year but still the third-highest October figure on record.
Here’s a summary of the news article:
UK government borrowing was higher than expected in October.
* Borrowing reached £17.4 billion, which is down from the same month last year but still the third-highest October figure on record.
* Analysts predicted £15 billion, while the OBR forecast £14.4 billion.
* Year-to-date borrowing (April to October) is £116.8 billion, the second-highest since records began in 1993.
* Increased tax and National Insurance contributions partially offset higher spending on public services and benefits.
* This news comes ahead of the Chancellor’s Budget, where both tax rises and spending cuts are expected.