According to the report from the Office for National Statistics (ONS), in September, net borrowing by the public sector, excluding state-owned banks (PSCB ex) was 16.61 billion pounds, compared with 13.02 billion pounds in August (revised from 13.73 billion pounds). Initial estimates for September suggest that borrowing was 2.1 billion pounds higher than September last year, and 1.5 billion pounds higher than the 15.1 billion pounds forecast by the Office for Budget Responsibility (OBR). This is the third highest September borrowing since monthly records began in January 1993. Economists had expected a deficit of 10.3 billion pounds in September. PSCB ex in the financial year to September was 79.6 billion pounds, 1.2 billion pounds more than at the same point in the last financial year and the third highest year-to-September borrowing since monthly records began in January 1993.
Central government's receipts increased in September by 3.3 billion pounds compared to September 2023, to 80.7 billion pounds. Meanwhile, the central government's total expenditure was 93.7 billion pounds, 5.5 billion pounds more than in September 2023. In September, the interest payable on central government debt was 5.6 billion pounds, 4.6 billion pounds more than in September 2023. This was owing to the interest payable in September 2023 being exceptionally low at 0.9 billion pounds.
Public sector net debt excluding public sector banks was provisionally estimated at 98.5% of GDP at the end of September. This was 4.0% more than at the end of September 2023, and remains at levels last seen in the early 1960s. Excluding the Bank of England, debt was 91.2% of GDP, 5.0% more than at the end of September 2023 but 7.3% points lower than the wider debt measure.