Latest figures from the ONS show public sector net borrowing hit £18 billion in August, far more than the OBR’s forecast of £12.5 billion. That’s £3.5 billion higher than last year and the highest August in five years. A fresh blow for Reeves…
Chief economist at the ONS Grant Fitzner said:
“Although overall tax and National Insurance receipts were noticeably up on last year, these increases were outstripped by higher spending on public services, benefits and debt interest. Total borrowing for the financial year to date was also the highest since 2020.”
Brace for Winter…
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