UK borrows £107bn YTD, debt rises to £2.659 trillion

UK central government borrowing in the financial year-to-February 2024 was £106.8 billion, according to the UK’s Office for National Statistics (ONS).

Public sector net debt excluding public sector banks now stands at £2.659 trillion — that’s £157.4 billion more than at the end of February 2023.

For February, the interest payable on central government debt was £6.8 billion.

For the year to date, interest payable on UK central government debt reduced by £30.3 billion to £75.2 billion “largely because of a slowing of the month-on-month growth in the Retail Prices Index.”

The Office for Budget Responsibility (OBR) now forecasts that UK central government debt will “settle” at £114.1 billion for the financial year ending March 2024 as a whole.