UK Government Borrowing Hits £20.2 Billion in September Amid Rising Debt Costs
UK government borrowing surged to £20.2 billion in September, the highest level for the month since 2020. Rising debt interest payments and increased welfare costs contributed to the budget deficit, according to official statistics. The figures present challenges for Chancellor Rachel Reeves ahead of November’s budget announcement.
September Borrowing Reaches Five-Year Peak
The UK government’s borrowing requirements reached their highest September level in five years, according to Office for National Statistics data released this week. Public sector net borrowing reportedly hit £20.2 billion last month, representing a £1.6 billion increase compared to September 2023 and marking the highest borrowing figure for September since 2020.
