Editor
The rising value of public providers and advantages induced authorities borrowing in July to surge on the 12 months earlier than, official figures present.
Borrowing, the distinction between spending and tax earnings, hit £3.1bn final month, some 1.8bn greater than in July 2023.
The improve means borrowing for has hit its highest degree for the month since 2021.
The Office for National Statistics (ONS) additionally revealed the UK’s nationwide debt remained at its highest degree because the early Sixties.
Jessica Barnaby, deputy director for public sector funds on the ONS, mentioned earnings tax receipts had grown “strongly” and debt curiosity funds had fallen final month.
However, she added this was greater than offset as “the price of public providers and advantages continued to extend”, resulting in larger borrowing.
