According to the report from the Office for National Statistics (ONS), in October, net borrowing by the public sector, excluding state-owned banks (PSCB ex) was 17.4 billion pounds, compared with 16.10 billion pounds in September (revised from 16.61 billion pounds). This is the second highest October borrowing since monthly records began in January 1993. Economists had expected a deficit of 12.3 billion pounds in October.
PSCB ex in the financial year to October was 96.6 billion pounds, 1.1 billion pounds more than at the same point in the last financial year and the third highest financial year-to-October borrowing since monthly records began in January 1993.
Central government's receipts increased by 2.9 billion pounds compared to October 2023, to 81.2 billion pounds. Meanwhile, the central government's total expenditure was 88.5 billion pounds, 3.9 billion pounds more than in October 2023. In October, the interest payable on central government debt was 9.1 billion pounds, an increase of 0.5 billion pounds compared with October 2023 and the highest October figure since monthly records began in January 1997.
Public sector net debt excluding public sector banks was provisionally estimated at 97.5% of GDP at the end of October. This was 1.6% more than at the end of October 2023, and remains at levels last seen in the early 1960s.