UK government borrowing in the seven months of the financial year to October, 2024, was £96.6 billion, £1.1 billion more than at the same point in the last financial year — and the third highest financial year-to-October borrowing since monthly records began.

That according to the UK’s Office for National Statistics (ONS).

The ONS said the UK government’s borrowing was £17.4 billion in the month of October, 2024, £1.6 billion more than in October 2023 — and the second highest October borrowing since monthly records began.

The UK government’s debt interest payable was £9.1 billion in October 2024, £0.5 billion more than in October 2023 — and the highest October figure since monthly records began.

The UK’s public sector net debt excluding public sector banks was provisionally estimated at 97.5% of gross domestic product (GDP) at the end of October 2024 — 1.6 percentage points more than at the end of October 2023, and it remains at levels last seen in the early 1960s.

The ONS also published revisions to the UK’s public sector net debt (PSND ex) at the end of September 2024.

“Since publishing our September 2024 release, our estimate of debt at the end of September 2024 increased by £0.8 billion to £2,767.2 billion,” said the ONS.

“This change was largely because of routine monthly updates to our estimates of the cash holding of the Bank of England (BoE) Asset Purchase Facility Fund, which we reduced by £0.7 billion. These data are reported one month in arrears.”

The UK Office For Budget Responsibility said: “This morning’s ONS release shows that borrowing in the first seven months of 2024-25 totalled £96.6 billion. This is £1.1 billion above the same period last year.

“The year-on-year increase is driven primarily by higher central government spending, particularly departmental consumption expenditure and welfare spending. Strength in receipts compared to last year has offset a significant portion of the higher expenditure.”