Authorities borrowing rose to £17.4bn final month – the second highest October determine since month-to-month information started, official figures present.
Economists had predicted £13.3bn of borrowing.
The Workplace for Nationwide Statistics (ONS) mentioned public sector web borrowing was £1.6bn larger than the identical month final yr.
Figures additionally confirmed that central authorities debt curiosity rose to £9.1bn for the month – the very best October determine on report.
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Jessica Barnaby, ONS deputy director for public sector funds, mentioned: “This month’s borrowing was the second highest October figure since monthly records began in January 1993.
“Regardless of the lower in the principle charges of nationwide insurance coverage earlier in 2024, whole receipts rose on final yr.
“However, with spending on public services, benefits and debt interest costs all up on last year, expenditure rose faster than revenue overall.”
Not for the reason that pandemic yr of 2020 when the furlough scheme was in operation was there a niche as huge between state revenue and spending.
It is all the way down to hiked rates of interest. Authorities borrowing additionally grew dearer within the weeks operating as much as the US election.
Uncertainty over who would turn out to be the subsequent US president and what could be introduced within the price range introduced up the speed the UK needed to pay on its bonds – a type of debt states problem to lift funds.
Lots of the public sector pay rises introduced by the brand new Labour authorities additionally took impact final month.
One other contributing issue was spending on public companies and advantages, the ONS mentioned, which elevated sooner than elevated tax takes.
Tax revenues additionally rose, regardless of nationwide insurance coverage cuts – simply not as quick as spending.
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The general public sector finance announcement is the primary since her October price range.
Authorities outflows are unlikely to fall anytime quickly with the price range anticipated to up spending by about £70bn over the subsequent 5 years, in line with evaluation by unbiased forecasters the Workplace for Price range Duty (OBR).
When measured as a share of GDP, which tracks every little thing produced within the economic system, debt was at Sixties ranges.
