London: The UK government’s borrowing in September reached its highest level for the month in five years, totaling GBP 20.2 billion (USD 27 billion), according to data from the Office for National Statistics (ONS) released on Tuesday.
According to Kuwait News Agency, the borrowing figure, which represents the gap between public spending and tax income, rose significantly from GBP 1.6 billion a year earlier. This increase occurred despite the government raising more through tax and national insurance, as rising debt interest payments offset these gains. The September borrowing figure fell slightly short of analysts’ expectations, which had predicted GBP 20.8 billion.
The ONS data also revealed that borrowing for the first six months of the financial year has reached GBP 99.8 billion, marking the second-highest total for this period since records began in 1993, trailing only figures recorded during the COVID-19 pandemic. Additionally, the UK’s public sector debt now stands at approximately 95.3 percent of the gross domestic product, a level last seen in the early 1960s.