Financial News: UK Budget Deficit Exceeds Expectations In October

UK Budget Deficit Exceeds Expectations In October

11/21/2024 - 05:48:00 (RTTNews)

(RTTNews) - The UK budget deficit exceeded expectations in October and hit the second highest October level on record largely reflecting the increase in debt interest payments.

Public sector net borrowing increased to GBP 17.4 billion from GBP 15.8 billion in the previous year, data from the Office for National Statistics revealed Thursday.

The borrowing for October was seen at GBP 14.1 billion. Moreover, this was the second highest October borrowing since monthly records began in January 1993.

The interest payable on central government debt rose by GBP 0.5 billion to GBP 9.1 billion, which was the highest October figures since records began in January 1997.

Central government receipts rose by GBP 2.9 billion to GBP 81.2 billion. At the same time, expenditure increased by GBP 3.9 billion to GBP 88.5 billion.

Increases in central government tax receipts were partially offset by a reduction in compulsory social contributions.

In the financial year to October, the budget deficit totaled GBP 96.6 billion, which was GBP 1.1 billion more than at the same point in the last financial year and marked the third highest financial year-to-October borrowing on record.

At the end of October, public sector net debt excluding public sector banks was estimated at 97.5 percent of gross domestic product, data showed.

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