UK Budget Deficit Exceeds Estimate

(RTTNews) - The UK budget deficit exceeded the official estimate in October and also hit the second-highest in any October since 2020, the Office for National Statistics said Friday.

Public sector net borrowing totaled GBP 17.4 billion in October. Although this was down from GBP 19.3 billion shortfall registered in October 2024, it was more than the GBP 14.4 billion forecast in March by the Office for Budget Responsibility.

Central government's current receipts rose 7.3 percent from the last year to GBP 86.4 billion. At the same time, current expenditure climbed 4.2 percent to GBP 92.6 billion.

In the financial year to October, borrowing was GBP 9.0 billion more than in the same period last year. This was the second-highest FY to October borrowing since monthly records began in 1993.

Data came a week before the autumn budget announcement. Chancellor Rachel Reeves is set to raise taxes in her second budget on November 26.