Government borrowing rises above forecasts to £24.5bn ahead of Budget
Higher debt interest and social benefits pushed September borrowing above forecasts, while public sector net debt climbed past £3 trillion, the ONS said.
- UK government borrowing rose to £24.5 billion last month, exceeding forecasts and constraining public finances ahead of Chancellor John Healey's Budget next week.
- Total Government spending increased 5.6% to £111.3 billion in September, driven by debt interest payments of £10.9 billion, the largest September figure on record.
- Public sector net debt surpassed £3 trillion for the first time, while separate ONS data showed UK inflation lifted to an 11-month-high of 3.5% last month.
- Higher gilt yields have restricted the Chancellor's fiscal headroom, likely leaving between £10 billion and £15 billion of margin for error against his primary fiscal rule.
- Greg Thwaites, interim chief economist at the Resolution Foundation, identified a "double dilemma" facing government: easing cost-of-living pressures while controlling borrowing.
9 Articles
9 Articles
For the first time in history, Britain ' s public debt exceeded four trillion dollars, while inflation accelerated and government borrowing was higher than forecast, as reported by the British Office of National Statistics (ONS).
Britain - Britain's public debt exceeded £3,000 billion (US$4.010 billion), and the London government borrowed more than estimated in September, according to official data highlighting the difficulties faced by Finance Minister John Healey before the budget is presented next week, Reuters broadcasts.
Total UK government debt hits £3tn for first time while inflation jumps to highest in nearly a year – business live
Petrol and diesel costs rise the most in four years but food prices dip on the month; UK approves controversial North Sea gasfield Jackdaw The approval of Jackdaw is an “important step” for the North Sea, according to Shell. The UK energy giant jointly owns Jackdaw operator Adura, which is headquartered in Aberdeen, together with…
The net debt of the public sector in the United Kingdom at the end of September first exceeded the threshold of £3 trillion (€3.5 trillion), according to the provisional estimate published by the British National Statistical Office (ONS).The accrued liability for the public sector [...] The entry The debt of the United Kingdom exceeds £3 trillion for the first time appears first in Forbes Spain.
Coverage Details
Bias Distribution
- 67% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
