UK Borrows More As Energy Bill Assistance Begins

Government borrowing increased in October compared to the previous year as the UK began paying for energy assistance initiatives for individuals and companies.

Borrowing, or the shortfall between government spending and tax revenue, was £13.4 billion last month, according to the Office for National Statistics (ONS).

The sum borrowed was £4.4 billion greater than the previous year and the fourth largest for October on record.

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However, the sum for October was less than the £21 billion expected by analysts.

Chancellor Jeremy Hunt stated that people required assistance as a result of Russia’s invasion of Ukraine.

However, he stated that the public finances must be “restored to a more sustainable course” so that Britain can “tackle inflation and maintain the economic stability required for long-term prosperity.”

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BBC