The UK government borrowed £83.4bn in the first five months of the fiscal year, the highest total since the onset of the pandemic, laying bare the scale of the challenge facing chancellor Rachel Reeves in the high-stakes November Budget.
Figures from the Office for National Statistics on Friday showed that the shortfall between government spending and income in August was £18bn, driven by higher spending on public services and debt interest costs.
August’s borrowing was far above the £12.5bn forecast for the month by the Office for Budget Responsibility, the UK’s fiscal watchdog. The OBR had forecast borrowing of £72.4bn for the first five months of the fiscal year.
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