Market News
Higher UK borrowing shows scale of task facing Reeves - REUTERS
- Borrowing in Oct above all forecasts in Reuters poll
- Spending on staff up by 13.5% as pay rises kick in
- Reeves has vowed to fix public finances
- Analyst says further tax increase might be needed
LONDON, Nov 21 (Reuters) - Britain borrowed more than expected in October, according to official data that showed the challenge facing finance minister Rachel Reeves who says she will fix the public finances as well as increase spending sharply.
In October alone, public sector net borrowing stood at 17.4 billion pounds ($22.0 billion), the Office for National Statistics said on Thursday.
That was above all forecasts in a Reuters poll of economists and was the second-biggest October borrowing total since records began in 1993.
