UK Public Sector Borrowing Hits £13.7 Billion in August, Rachel Reeves Under Pressure

Sep 20, 2024, 06:03 AM

The United Kingdom's public sector net borrowing for August 2024 was £13.7 billion, significantly higher than the expected £12.1 billion and the previous year's £3.1 billion. This marks the third highest August borrowing on record, following 2020 and 2021. The UK's public sector net debt, excluding Bank of England holdings, has reached £2.768 trillion. Public Finances (PSNCR) for August stood at £4.9 billion, while Central Government NCR was £11.0 billion. The higher-than-expected borrowing has put Chancellor Rachel Reeves under pressure to consider raising taxes in her upcoming budget next month.