Government borrowing was higher than expected and consumers tightened their belts, spending less than anticipated, official figures show.
Government borrowing rose to the third-highest October level on record, though less than a year ago, according to the Office for National Statistics (ONS).
It’s the last assessment of public finances we’ll get before Chancellor Rachel Reeves makes her budget announcement next week. It showed spending on benefits and public services was up, which was offset by higher tax takes.
Money blog: Three reasons why unexpected rise in energy bills coming
Billions were spent on borrowing money last month, with interest payments costing central government £8.4bn.
Reacting to the figures, the chancellor’s deputy, James Murray, said, “Currently we spend £1 in every £10 of taxpayer money on the interest of our national debt.
“That money should be going to our schools, hospitals, police and armed forces. That is why we are set to deliver the largest primary deficit reduction in both the G7 and G20 over the next five years – to get borrowing costs down.”
A slowdown in sales
Public sector net borrowing reached £17.43bn, above the £15bn forecast by economists polled by Reuters.
Retail sales – how much people are spending – shrank 1.1% in the half-term month too. No growth had been expected, rather than a contraction.
This matters as retail sales figures measure household consumption, the largest expenditure in the UK economy.
Consumers were holding back for Black Friday deals, retailers told the ONS.
Along with weakened levels of consumer sentiment, the data paints a picture of worry about the impact of the budget.
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