Jeremy Hunt on the second day of the Conservative Party Conference on Oct. 2, 2023, in Manchester, England.
U.K. public sector net borrowing excluding banks was £14.9 billion ($18.68 billion) in October, the second-highest level of borrowing for the month since records began in 1993.
It was also higher than consensus forecasts and a March forecast by the independent Office for Budget Responsibility of £13.7 billion.
Tax receipts were £2.7 billion higher year on year at £57.9 billion.
It comes ahead of a government budget update Wednesday in which Finance Minister Jeremy Hunt may announce tax cuts as he seeks to prioritize growth, according to the BBC.
Persons:
Jeremy Hunt, Ruth Gregory, Hunt, Gregory said, Gregory, Lindsay James, — Jenni Reid
Organizations:
Conservative Party Conference, Capital Economics, Quilter Investors
Locations:
Manchester, England