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UK public sector net borrowing continued to rise in August, according to the Office for National Statistics on Thursday.
Public sector net borrowing, excluding public sector banks, reached £11.6 billion in August, which was 43% higher than the £8.1 billion in August last year.
In the UK fiscal year to date, borrowing stands at £69.6 billion, which is £19.3 billion more than the same period last year. However, it was £11.4 billion less than the Office for Budget Responsibility’s forecast of £81.0 billion.
It was the fourth highest borrowing for August since records began in 1993, behind only the Covid-years of 2020 and 2021, and 2009 after the global financial crisis.
Central government borrowing rose by £1.2 billion to £8.3 billion in August, but was £1.1 billion less than the £9.4 billion forecast by the OBR, the ONS noted.
At £2.594 trillion at the end of the month, the UK government’s total debt is estimated to be around 98.8% of the country’s annual gross domestic product.
The ratio is continuing at levels last seen in the early 1960s, the ONS said.
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