Chancellor Rachel Reeves has borrowed a staggering £17.4billion in October 2024 in yet another blow for Sir Keir Starmer.
The Office for National Statistics confirmed the surge in borrowing was £1.6billion more than compared to October 2023, making it the second highest October borrowing since monthly records began in January 1993.
City chiefs were expecting a far smaller borrowing figure, around £12.3billion, after Reeves requested £16billion in September.
However, the announcement comes after Labour came under fire for axing Winter Fuel Payments and ending death duty exemptions for farmers.
Jessica Barnaby, deputy director for public sector finances at the ONS, said: “This month’s borrowing was the second highest October figure since monthly records began in January 1993.
“Despite the cut in the main rates of National Insurance earlier in 2024, total receipts rose on last year.
“However, with spending on public services, benefits and debt interest costs all up on last year, expenditure rose faster than revenue overall.”
The UK also spent a staggering £9.1billion on debt servicing costs.
Defending Labour’s position, Chief Secretary to the Treasury Darren Jones claimed the Government
He said: “We inherited a £22billion black hole in our public finances from the previous Government.
“At the Budget we addressed this, fixing the foundations and putting public finances on a sustainable footing to rebuild the country.
“This Government will never play fast and loose with the public finances.
“Our new robust fiscal rules will deliver stability by getting debt down while prioritising investment to deliver growth.”
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Elon Musk takes swipe at Starmer as Telsa chief predicts Reform UK surge – ‘Utterly crushed!’
Elon Musk has taken a swipe at Sir Keir Starmer as the Tesla chief appeared to predict Reform UK would make major gains at the next General Election.
Responding to JL Partners poll claiming Musk is more liked in Britain than the Prime Minister, the South African born businessman replied: “Low bar, to be honest.”
Musk also suggested lenient sentences for British criminals will only fuel the fire of populist parties.
He said: “The Establishment political parties are going to get utterly crushed in the next UK election.”
