UK Government Borrowing Reaches £24.3bn in April 2023

In April 2023, the UK government recorded a borrowing of £24.3bn, £4.9bn higher than the same month last year and exceeding predictions of £20.9bn by the Office for Budget Responsibility (OBR). This total represents the highest borrowing level for April since 2020, mainly attributed to increased spending on benefits, which rose by £2.7bn. Additionally, debt interest payments hit £10.3bn, marking a record high for this month. The revised total borrowing for the financial year ending in March stands at £129bn, which may prompt further adjustments to fiscal policy as the economic outlook remains uncertain.