Britain’s government borrowed £7.2 billion ($9.6 billion) more than forecast in the first six months of the fiscal year, highlighting the challenge facing Chancellor of the Exchequer Rachel Reeves to get the public finances back on track in her upcoming budget.
The budget deficit climbed to £99.8 billion, overshooting the £92.6 billion forecast by the Office for Budget Responsibility in March. Borrowing in September alone was £20.2 billion, the highest for the month since the pandemic and second highest on record, with the deterioration driven by a sharp increase in debt-interest costs, the Office for National Statistics said.