Government borrowing rises

Cost of public services sees government borrowing rise

Government borrowing rose by more than expected to £3.1 billion last month, marking the highest July borrowing since 2021, according to official figures.

The Office for National Statistics (ONS) said public sector net borrowing was £1.8 billion more than in July last year.

The total for July was £3 billion more than forecast by Britain’s official forecaster, the Office for Budget Responsibility (OBR), and more than the £1.1 billion most economists were pencilling in.

Borrowing in the financial year so far to July 2024 was £51.4 billion, £500 million less than in the same four-month period a year earlier, but the fourth highest year-to-July borrowing since monthly records began in January 1993, the ONS said.

Published: 21/08/2024 by Radio NewsHub