UK BORROWING RISES TO £18BN IN AUGUST-The reading was above City predictions for a deficit of £12.75bn
The UK government reportedly borrowed more than expected last month, as shown by official figures, which has added to pressure on the Treasury in the run-up to the autumn budget.
Figures from the Office for National Statistics (ONS) showed that the public sector net borrowing, which is the difference between public spending and income, has risen to £18bn in August, that is £3.5bn more than in the same month last year.
The reading was above City predictions for a deficit of £12.75bn and forecasts from the office for budget responsibility of £12.5bn.
The ONS chief economist, Grant Fitzner, said the figure was the highest August borrowing total since the height of the Covid pandemic.
Fitzner, who says the overall tax and national insurance receipts were noticeably up on last year, further added that the increases were outstripped by higher spending on public services, benefits and debt interest.
