Public sector pay deals help drive up UK borrowing

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Borrowing was £17.4bn last month, the second highest October figure since monthly records began in 1993.

The ONS figures also showed government spending on pay was up £2.2bn from a year earlier, reflecting some of the impact of the latest public sector pay deals.

The ONS said that net debt - the total amount of money owed by the government that has built up over years - had reached £2.8 trillion.This amount is 97.5% of the size of the UK's economy as measured by gross domestic product (GDP), and remains at levels last seen in the early 1960s.

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Category: Business

Markets: United KingdomChinaPeru

Topics: Figures Public Borrowing Month Spending Chancellor Debt Government October Last

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News Sentiment: Neutral

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Article Type: News Report

Published On: 2024-11-21 @ 12:07:59 (4 days ago)

News Timezone: GMT +0:00

News Source URL: bbc.com

Language: English

Article Length: 832 words

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