Chancellor handed £17bn borrowing increase forward of Autumn Statement – newest updates

The Government borrowed £16.9bn lower than official figures predicted within the first seven months of the yr, bolstering hopes that the Chancellor will announce tax cuts in tomorrow’s Autumn Statement.

Public sector web borrowing excluding banks stood at £98.3bn within the first seven months of the monetary yr, which was £21.9bn greater than the identical interval final yr, in accordance with the Office for National Statistics.

However, it was £16.9bn lower than the £115.2bn forecast by the Office for Budget Responsibility in March. 

The physique will ship revised borrowing figures on the Chancellor’s Autumn Statement on Wednesday.

Chancellor Jeremy Hunt stated he’ll ship an announcement aiming to “boost business investment” after being “responsible with the nation’s finances”.

Ruth Gregory, deputy chief UK economist at consultancy Capital Economics, stated the newest knowledge will imply Mr Hunt “won’t be able to resist the temptation to unveil a pre-election splash”.

However, for the month of October, whole public sector web borrowing excluding public sector banks was £14.9bn, up from £14.3bn the earlier month and forward of analysts forecasts of £12.8bn. 

It was £4.4bn greater than the identical month final yr and the second highest October borrowing since month-to-month data started in 1993. 

Read the newest updates beneath.