UK government borrowing higher as energy bill support help beginson November 22, 2022 at 8:37 am

Government borrowing rose in October from a year ago as the UK started paying for energy support schemes for households and businesses.

Borrowing – the difference between government spending and tax income – was £13.4bn last month, the Office for National Statistics (ONS) said.

The figure was £4.4bn higher than last year and was the fourth highest figure for October on record.

However, October’s figure was below the £21bn predicted by analysts.

Chancellor Jeremy Hunt said people needed support through the aftershocks of Russia’s invasion of Ukraine.

However, he said the public finances needed to be put “back on a more sustainable path” so Britain could “tackle inflation and ensure the economic stability needed for long-term growth”.