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 12 months, 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 12 months, which was £21.9bn greater than the identical interval final 12 months, in line 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.

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 12 months and the second highest October borrowing since month-to-month information started in 1993. 

Read the most recent updates under.