#uk-public-borrowing

#uk-public-borrowing

In the UK, the ONS reported a public sector net borrowing figure (excluding banks) of £20.2bn, the highest September reading for five years and £1.6bn more than a year earlier. ONS chief economist Grant Fitzner flagged higher debt interest, public services spending, and benefits as the key drivers, offsetting gains in tax and NI receipts. The figures add pressure on Chancellor Rachel Reeves ahead of next month's autumn budget, where she is expected to announce tax hikes and spending cuts totalling at least £20-30bn.