Public sector net borrowing, excluding public sector banks, in the UK rose to £16.6 billion in September 2024, up from £14.5 billion in the same month of the previous year but below market expectations of £17.5 billion.
UK public sector borrowing widens in September
Total public sector spending increased by £5.9 billion to £105.9 billion, driven by higher debt interest and increased spending on public services, partially offset by reduced benefit expenditures. Meanwhile, receipts grew by £3.8 billion to £89.3 billion, largely due to higher central government tax revenues.
Data for the financial year to September
For the financial year ending in September 2024, borrowing reached £79.6 billion, £1.2 billion more than the amount borrowed in the same six months last year and £6.7 billion higher than the £73.0 billion forecast by the OBR for this period. This marks the third-highest year-to-September borrowing since monthly records began in January 1993.
