Public sector net borrowing, excluding public sector banks, in the UK rose to £17.35 billion in October 2024, up from a downwardly revised £16.13 billion in September and significantly higher than the forecast of £12.3 billion.
UK public sector borrowing continues to rise
This borrowing level was the second highest recorded for an October since monthly records began in January 1993. The current budget deficit, which funds day-to-day public sector activities and is included in total borrowing, stood at £12.7 billion. Debt interest payments amounted to £9.1 billion. Central government receipts totaled £81.2 billion, with tax receipts rising to £61.3 billion, including Corporation Tax, Income Tax, and VAT.
Social contributions also fall
Compulsory social contributions fell to £13.8 billion, mainly due to the reduction in National Insurance rates in early 2024. Central government total expenditure was £88.5 billion. For the financial year to October, borrowing reached £96.6 billion, marking the third highest financial year-to-October borrowing since records began in 1993.
