UK Government Borrowing Hits £18.3bn in August Ahead of Budget

The UK government borrowed £18.3 billion in August, which is nearly 20% more than the previous year and higher than forecasters had anticipated, according to the Office for National Statistics (ONS). This increase in borrowing was attributed to rising inflation, which reached its highest level in five months, driven by higher petrol and diesel prices. The government's debt interest payments also rose to £8.8 billion, the highest for August since records began in 1997. This situation increases pressure on Chancellor John Healey ahead of the upcoming Budget set for October 28, 2023, as spending may affect future public service funding.

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