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UK government borrowing rose more than expected last month, as rising inflation pushed up debt interest payments, handing Rishi Sunak disappointing news the day before he presents his spring statement in the Commons (a kind of mini budget).
The Office for National Statistics said the government’s budget deficit – the gap between spending and income – was £13.1bn in February, the second-highest borrowing figure for that month since records began in 1993. Economists had forecast a shortfall of £8.1bn.
Soaring inflation pushed up interest payments on government debt by more than 50% to £8.2bn, the highest February on record, reports our economics correspondent Richard Partington.
Office for National Statistics (ONS)
(@ONS)Public sector net borrowing excluding public sector banks was £13.1 billion in Feb 2022.
This was the second-highest Feb borrowing since monthly records began in 1993 – £2.4 billion less than the record set in Feb…
