Labour sets record with highest October borrowing since records began (Image: Getty)
UK Government borrowing has outstripped expectations due to soaring debt interest and recent hikes in public sector wages.
Last month's borrowing soared to ￡17.4billion, the second highest October total since records began, as per the latest official statistics.
DON'T MISS
Powered by
Brit savers send money overseas to escape new Rachel Reeves tax grab
1 Comments
Keir Starmer backs Rachel Reeves as fury rages over Budget tax hikes
44 Comments
What rising inflation means for your finances, savings and mortgages
Comments
Rachel Reeves tax raid blamed as higher interest rates 'spook the markets'
10 Comments
Labour policy under fire as ‘general public will pay'
4 Comments
Labour's ‘cruel' Winter Fuel Payment cut just got crueller and lives are on the line
1132 Comments
Tories warn worst is yet to come as inflation rises after Rachel Reeves' Budget
792 Comments
State pensioners issued one month warning to get ￡300 from DWP
Comments
Households in England face ￡300 bill hike in fresh blow
40 Comments
Nicola Sturgeon tax avoidance row heats up as 'hypocritical' SNP under fire
29 Comments
Overseas retirement dream for pensioners threatened by budget tax change
1 Comments
UK households urged to check for six digits on statement for free ￡25
Comments
Homeowners overpaying for ten services they could save hundreds on with simple changes
1 Comments
Labour claims it's ‘protecting' workers but you'll have to wait four years for tax break
14 Comments
Rachel Reeves will raid your wallet AGAIN as new tax bombshell is all but confirmed!
1030 Comments
Inflation jump is just the start - Rachel Reeves is about to make things even worse
113 Comments
Rachel Reeves slammed by high street giant as shoppers warned prices are bound to rocket
222 Comments
Rachel Reeves' crocodile smile fools no-one - she's set on bleak future for Britain
59 Comments
Rachel Reeves handed major setback as UK growth slumps in Labour's first quarter
602 Comments
Warning to anyone with a mortgage after inflation surges to highest rise in 2 years
16 Comments
Brit savers send money overseas to escape new Rachel Reeves tax grab
1 Comments
Keir Starmer backs Rachel Reeves as fury rages over Budget tax hikes
44 Comments
What rising inflation means for your finances, savings and mortgages
Comments
Rachel Reeves tax raid blamed as higher interest rates 'spook the markets'
10 Comments
Labour policy under fire as ‘general public will pay'
4 Comments
Labour's ‘cruel' Winter Fuel Payment cut just got crueller and lives are on the line
1132 Comments
Tories warn worst is yet to come as inflation rises after Rachel Reeves' Budget
792 Comments
State pensioners issued one month warning to get ￡300 from DWP
Comments
Households in England face ￡300 bill hike in fresh blow
40 Comments
Nicola Sturgeon tax avoidance row heats up as 'hypocritical' SNP under fire
29 Comments
Overseas retirement dream for pensioners threatened by budget tax change
1 Comments
UK households urged to check for six digits on statement for free ￡25
Comments
Homeowners overpaying for ten services they could save hundreds on with simple changes
1 Comments
Labour claims it's ‘protecting' workers but you'll have to wait four years for tax break
14 Comments
Rachel Reeves will raid your wallet AGAIN as new tax bombshell is all but confirmed!
1030 Comments
Inflation jump is just the start - Rachel Reeves is about to make things even worse
113 Comments
Rachel Reeves slammed by high street giant as shoppers warned prices are bound to rocket
222 Comments
Rachel Reeves' crocodile smile fools no-one - she's set on bleak future for Britain
59 Comments
Rachel Reeves handed major setback as UK growth slumps in Labour's first quarter
602 Comments
Warning to anyone with a mortgage after inflation surges to highest rise in 2 years
16 Comments
Brit savers send money overseas to escape new Rachel Reeves tax grab
1 Comments
Keir Starmer backs Rachel Reeves as fury rages over Budget tax hikes
44 Comments
What rising inflation means for your finances, savings and mortgages
Comments
Rachel Reeves tax raid blamed as higher interest rates 'spook the markets'
10 Comments
Labour policy under fire as ‘general public will pay'
4 Comments
Labour's ‘cruel' Winter Fuel Payment cut just got crueller and lives are on the line
1132 Comments
Tories warn worst is yet to come as inflation rises after Rachel Reeves' Budget
792 Comments
The Office for National Statistics (ONS) reported that public sector net borrowing was ￡1.6billion more than October last year.
These figures arrive on the heels of substantial spending commitments unveiled in the Autumn Budget.
Economists had forecasted borrowing of ￡13.3billion for October.
READ MORE: Over 55s warned they could face tax surprise on their retirement income
Debt interest and increases in public sector wages have driven government borrowing to new heights (Image: Getty)
New data revealed central government debt interest payments hit a record October high of ￡9.1billion.
This figure represents a ￡0.5billion increase from the previous year.
Jessica Barnaby, ONS deputy director for public sector finances, commented: "This month's borrowing was the second highest October figure since monthly records began in January 1993.
"Despite the cut in the main rates of national insurance earlier in 2024, total receipts rose on last year.
"However, with spending on public services, benefits and debt interest costs all up on last year, expenditure rose faster than revenue overall."
Don't miss...
UK households dealt huge blow as 3 key benefits will not be increased next year [INSIGHT]
What rising inflation means for your finances, savings and mortgages [EXPLAINED]
Eurozone turmoil as Europe stocks rebound after three month low over WW3 fears [ANALYSIS]
The ONS noted a ￡2.5billion rise in central government departmental spending on goods and services, totalling ￡36.9billion in October, driven by "pay rises and inflation increased running costs".
The Government has felt the financial effects of above-inflation pay settlements, which were ratified after the Labour administration took charge. NHS personnel and teachers have seen their wages increase retrospectively from the previous month.
In monetary terms, central government expenditure hit ￡88.5 billion in October 2024, a sizeable ￡3.9 billion upturn compared to the same timeframe the year before.
Money flow into the government's coffers, mainly through taxation, experienced an uplift as well, climbing by ￡2.9 billion to total ￡81.2 billion in one month alone.
This positive trajectory was bolstered by substantial upticks in both corporation and income tax contributions.
Trending
SUBSCRIBE Invalid email
We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. Read our Privacy Policy
In light of the latest disclosures, the ONS reported that public sector net borrowing reached a notable ￡96.6billion for the current fiscal year ending in October.
DON'T MISS
Powered by
Brit savers send money overseas to escape new Rachel Reeves tax grab
1 Comments
Keir Starmer backs Rachel Reeves as fury rages over Budget tax hikes
44 Comments
What rising inflation means for your finances, savings and mortgages
Comments
Rachel Reeves tax raid blamed as higher interest rates 'spook the markets'
10 Comments
Labour policy under fire as ‘general public will pay'
4 Comments
Labour's ‘cruel' Winter Fuel Payment cut just got crueller and lives are on the line
1132 Comments
Tories warn worst is yet to come as inflation rises after Rachel Reeves' Budget
792 Comments
State pensioners issued one month warning to get ￡300 from DWP
Comments
Households in England face ￡300 bill hike in fresh blow
40 Comments
Nicola Sturgeon tax avoidance row heats up as 'hypocritical' SNP under fire
29 Comments
Overseas retirement dream for pensioners threatened by budget tax change
1 Comments
UK households urged to check for six digits on statement for free ￡25
Comments
Homeowners overpaying for ten services they could save hundreds on with simple changes
1 Comments
Labour claims it's ‘protecting' workers but you'll have to wait four years for tax break
14 Comments
Rachel Reeves will raid your wallet AGAIN as new tax bombshell is all but confirmed!
1030 Comments
Inflation jump is just the start - Rachel Reeves is about to make things even worse
113 Comments
Rachel Reeves slammed by high street giant as shoppers warned prices are bound to rocket
222 Comments
Rachel Reeves' crocodile smile fools no-one - she's set on bleak future for Britain
59 Comments
Rachel Reeves handed major setback as UK growth slumps in Labour's first quarter
602 Comments
Warning to anyone with a mortgage after inflation surges to highest rise in 2 years
16 Comments
Brit savers send money overseas to escape new Rachel Reeves tax grab
1 Comments
Keir Starmer backs Rachel Reeves as fury rages over Budget tax hikes
44 Comments
What rising inflation means for your finances, savings and mortgages
Comments
Rachel Reeves tax raid blamed as higher interest rates 'spook the markets'
10 Comments
Labour policy under fire as ‘general public will pay'
4 Comments
Labour's ‘cruel' Winter Fuel Payment cut just got crueller and lives are on the line
1132 Comments
Tories warn worst is yet to come as inflation rises after Rachel Reeves' Budget
792 Comments
State pensioners issued one month warning to get ￡300 from DWP
Comments
Households in England face ￡300 bill hike in fresh blow
40 Comments
Nicola Sturgeon tax avoidance row heats up as 'hypocritical' SNP under fire
29 Comments
Overseas retirement dream for pensioners threatened by budget tax change
1 Comments
UK households urged to check for six digits on statement for free ￡25
Comments
Homeowners overpaying for ten services they could save hundreds on with simple changes
1 Comments
Labour claims it's ‘protecting' workers but you'll have to wait four years for tax break
14 Comments
Rachel Reeves will raid your wallet AGAIN as new tax bombshell is all but confirmed!
1030 Comments
Inflation jump is just the start - Rachel Reeves is about to make things even worse
113 Comments
Rachel Reeves slammed by high street giant as shoppers warned prices are bound to rocket
222 Comments
Rachel Reeves' crocodile smile fools no-one - she's set on bleak future for Britain
59 Comments
Rachel Reeves handed major setback as UK growth slumps in Labour's first quarter
602 Comments
Warning to anyone with a mortgage after inflation surges to highest rise in 2 years
16 Comments
Brit savers send money overseas to escape new Rachel Reeves tax grab
1 Comments
Keir Starmer backs Rachel Reeves as fury rages over Budget tax hikes
44 Comments
What rising inflation means for your finances, savings and mortgages
Comments
Rachel Reeves tax raid blamed as higher interest rates 'spook the markets'
10 Comments
Labour policy under fire as ‘general public will pay'
4 Comments
Labour's ‘cruel' Winter Fuel Payment cut just got crueller and lives are on the line
1132 Comments
Tories warn worst is yet to come as inflation rises after Rachel Reeves' Budget
792 Comments
Furthermore, it outlined that public debt, discounting public sector banks, peaked at a staggering 97.5% of GDP as October concluded.
The Treasury's Chief Secretary Darren Jones asserted firmly: "This Government will never play fast and loose with the public finances."
He maintained a staunch stance on economic management, announcing: "Our new robust fiscal rules will deliver stability by getting debt down while prioritising investment to deliver growth."