MNI BRIEF: UK Gov't Oct YTD Borrowing Second Highest On Record

UK government borrowing was GBP17.4 billion in October 2025, almost GBP 2 billion less than last October but still the third-highest October borrowing since monthly records began in 1993, the Office for National Statistics said Friday.

Borrowing in the financial year to October was £116.8 billion; this was GBP9.0 billion more than in the same period in 2024 and the second-highest Apr-Oct borrowing on record after that of 2020. It currently sits almost GBP10 billion above the OBR's March forecast, underlining the scale of the fiscal challenge facing the government ahead of the budget.

Public sector net debt excluding public sector banks was provisionally estimated at 94.5% of GDP at the end of October, still at levels last seen in the early 1960s. (see MNI INTERVIEW: UK Needs To Slash Spending Share Of GDP- Chadha )

ONS Chief Economist Grant Fitzner said that while spending on public services and benefits were both up on October last year, "this was more than offset by increased receipts from taxes and National Insurance contributions.”