Overview
- Official ONS data show borrowing in the financial year to September reached £99.8 billion, up £11.5 billion (13.1%) on the same period in 2024.
- September borrowing rose to about £20.2 billion, the highest for any September in five years, with a £13.4 billion monthly overspend reported.
- ONS chief economist Grant Fitzner said rising debt interest and higher costs for public services and benefits more than offset stronger tax and National Insurance receipts.
- The 26 November Budget is widely expected to feature tax increases to help close a multibillion‑pound gap in the government’s plans, according to multiple reports.
- Express cites a BuytoGive poll finding 51% of shoppers plan to spend less this Christmas, with 24% saying they will skip a tree and 19% a turkey, as worries over potential tax rises build.