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September public borrowing lowest for 10 years

1 min read

Public sector borrowing in September has fallen to its lowest level since before the financial crisis.


The better than expected figures are good news for Chancellor Philip Hammond ahead of next month’s Budget.

Office of National Statistics figures show that borrowing was at £5.9bn for September, 11% lower than last year and the lowest monthly deficit since 2007.

Economists had anticipated the deficit to be about £6.5bn. The ONS also revised down August’s borrowing by about £1bn, to £4.7bn.

Mr Hammond has been under some pressure to announce increases in government spending in the Budget, particularly with regard to public-sector pay.

A Treasury statement said: "Whilst we've made great progress getting the deficit down by over two thirds, government borrowing is still far too high at over £150m a day.

"We will continue to take a balanced approach that deals with our debts and allows us to invest in our public services."

October's public finance figures will be published on 21 November, a day before the Budget.

 

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