UK Public Borrowing Hits £24.5 Billion in September

Preliminary figures confirm borrowing in the first six months of the current financial year remained below the same period last year. Grant Fitzner attributed this to higher receipts, though borrowing still exceeded official forecasts.

The Office for National Statistics (ONS) states UK inflation reached an 11-month high of 3.5% last month. Rising fuel costs, linked by the ONS to the ongoing Iran war, drove this increase.

September's borrowing figure stood £1.9 billion higher than forecasts from the Office for Budget Responsibility (OBR). Chancellor John Healey expects to increase bank taxes in his upcoming Budget.

Fitzner also stated that while debt in cash terms continues to rise, its proportion to GDP has fallen over the year. On this latter basis, debt remains at levels last seen in the early 1960s.