Public Sector Finances Uk October 2024 Borrowing Highest Since Records Began

21st November 2024

Borrowing - the difference between public sector spending and income - was £17.4 billion in October 2024, £1.6 billion more than in October 2023 and the second highest October borrowing since monthly records began in January 1993.

Current budget deficit - borrowing to fund day-to-day public sector activities - was £12.7 billion in October 2024, £0.4 billion more than in October 2023 and the second highest October deficit since monthly records began in April 1997.

Central government debt interest payable was £9.1 billion in October 2024, £0.5 billion more than in October 2023 and the highest October figure since monthly records began in January 1997.

Borrowing in the financial year to October 2024 was £96.6 billion, £1.1 billion more than at the same point in the last financial year and the third highest financial year-to-October borrowing since monthly records began in January 1993.

Public sector net debt excluding public sector banks was provisionally estimated at 97.5% of gross domestic product (GDP) at the end of October 2024; this was 1.6 percentage points more than at the end of October 2023, and remains at levels last seen in the early 1960s.

Public sector net financial liabilities excluding public sector banks was provisionally estimated at 83.7% of GDP at the end of October 2024; this was 2.5 percentage points more than at the end of October 2023, but 13.8 percentage points lower than public sector net debt.

Central government net cash requirement (excluding UK Asset Resolution Ltd and Network Rail) was £19.7 billion in October 2024, £1.6 billion more than in October 2023.

Borrowing in October 2024
The public sector spent more than it received in taxes and other income in October 2024. It was required to borrow £17.4 billion, which is the highest October borrowing since 2020, when it was £18.2 billion. This is the second highest October borrowing since monthly records began in January 1993.

Initial estimates for October 2024 suggest that borrowing was £1.6 billion higher than October last year.

Public sector borrowing consists of two broad components: the current budget deficit (or borrowing to fund day-to-day activities) and net investment (capital expenditure).

The public sector current budget deficit was £12.7 billion in October 2024, £0.4 billion more than in the October 2023. This means that the public sector spent more on day-to-day activities than it received in taxes and other current receipts.

Net investment increased by £1.1 billion to £4.7 billion over the same 12-month period.

Interest payable on central government debt
In October 2024, the interest payable on central government debt was £9.1 billion, an increase of £0.5 billion compared with October 2023 and the highest October figure since monthly records began in January 1997.

Read the full ONS report HERE