The ONS’s figures also compared the same period from 2022, where net borrowing registered lower than this October’s figures. Not only this, but it also sits as the second highest borrowing figure since October 1993, second only to October 2020 when borrowing catapulted due to a pandemic deficit of £20bn. Industry experts have urged government bodies to exercise caution as the country prepares for the festive months – October 2023’s borrowing sat £4.4bn higher than that of October 2022.
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Chancellor Jeremy Hunt made the following remarks in his Autumn Statement last week:
We achieved our goal of halving inflation but we need to continue to support the Bank of England in order to bring inflation to 2%. That means being responsible for the nation’s finances.
After Hunt’s statement, the ONS released its autumn report, stating that public sector net debt has reached £2.6tn, a figure that totals approximately 97.8% of the UK’s annual GDP. To date, the UK has borrowed $16bn in order to balance…