The rising cost of public services and benefits caused government borrowing in July to surge on the year before, official figures show.
Borrowing, the difference between spending and tax income, hit £3.1bn last month, some 1.8bn more than in July 2023.
The increase means borrowing for has hit its highest level for the month since 2021.
The Office for National Statistics (ONS) also revealed the UK’s national debt remained at its highest level since the early 1960s.
Jessica Barnaby, deputy director for public sector finances at the ONS, said income tax receipts had grown “strongly” and debt interest payments had fallen last month.
However, she added this was more than offset as “the cost of public services and benefits continued to increase”, leading to higher borrowing.
Source link