Overview
- Borrowing for April to September reached £99.8bn, £7.2bn above the OBR’s March forecast and the second‑highest six‑month total on record after 2020.
- Debt interest payments were £9.7bn in September, up by about £4bn year on year, as inflation lifted the cost of servicing RPI‑linked bonds.
- Higher welfare spending and day‑to‑day costs outpaced rising tax and National Insurance receipts, pushing the deficit higher.
- Public sector net debt is estimated at about 95.3% of GDP, the highest level since the early 1960s.
- Think‑tanks and analysts, including the IFS, say larger fiscal consolidation may be needed, with tax rises or spending restraint widely expected at the 26 November Budget, even as gilt yields have eased and earlier months were revised down by £4.2bn.