Government borrows less than expected in Septemberon October 20, 2023 at 6:16 am

Government borrowing in September was lower than most economists had expected.

Borrowing – the difference between spending and tax income – was £14.3bn last month, according to the Office for National Statistics (ONS).

This was £1.6bn less than a year earlier, but the sixth highest borrowing in September since monthly records began in 1993.

Economists had predicted borrowing to be £18.3bn last month.

Government debt was running at nearly £2.6tn, more than 2% higher than last year.

Chancellor Jeremy Hunt said: “We had to borrow during the pandemic to protect lives and livelihoods, but since then Putin’s invasion has pushed up inflation and interest rates.”

“This means we spent twice as much on debt interest last year as we did the previous year.”

He added that “this is clearly not sustainable”.