Chief secretary to the Treasury James Murray said the government aimed to reduce borrowing over the course of the parliament, with £1 of every £10 in taxpayer money currently spent on paying interest on national debt.
“That money should be going to our schools, hospitals, police and armed forces,” he said.
“That is why we are set to deliver the largest primary deficit reduction in both the G7 and G20 over the next five years – to get borrowing costs down.”
Shadow chancellor Sir Mel Stride said borrowing so far this financial year had been the highest on record outside the pandemic.
“If Labour had any backbone, they would control spending to avoid tax rises next week,” he said.
James Smith from investment bank ING said the figures would not be welcomed by the chancellor ahead of her Budget, but said her fiscal rules were about what happens later this decade, rather than the current picture.
“Today’s data is not helpful, it shows that the government is borrowing more than expected, but it doesn’t necessarily change the decisions next week,” he told the BBC’s Today programme.