Authorities borrowing was greater than anticipated and shoppers tightened their belts, spending lower than anticipated, official figures present.
Authorities borrowing rose to the third-highest October stage on document, although lower than a yr in the past, in accordance with the Workplace for Nationwide Statistics (ONS).
It is the final evaluation of public funds we’ll get earlier than Chancellor Rachel Reeves makes her funds announcement subsequent week. It confirmed spending on advantages and public companies was up, which was offset by greater tax takes.
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Billions had been spent on borrowing cash final month, with curiosity funds costing central authorities £8.4bn.
Reacting to the figures, the chancellor’s deputy, James Murray, mentioned, “Currently we spend £1 in every £10 of taxpayer money on the interest of our national debt.
“That cash ought to be going to our colleges, hospitals, police and armed forces. That’s the reason we’re set to ship the most important major deficit discount in each the G7 and G20 over the subsequent 5 years – to get borrowing prices down.”
A slowdown in gross sales
Public sector internet borrowing reached £17.43bn, above the £15bn forecast by economists polled by Reuters.
Retail gross sales – how a lot individuals are spending – shrank 1.1% within the half-term month too. No progress had been anticipated, relatively than a contraction.
This issues as retail gross sales figures measure family consumption, the most important expenditure within the UK economic system.
Customers had been holding again for Black Friday offers, retailers instructed the ONS.
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