UK government borrowing in August hit the highest level for the month in five years, according to the latest official figures.
Borrowing – the difference between public spending and tax income – was £18bn in August, the Office for National Statistics (ONS) said. That was up £3.5bn from the same month last year and higher than analysts had been forecasting.
The UK statistics body said that while tax and National Insurance receipts increased, they were outstripped by higher spending on public services, benefits and debt interest.
Borrowing over the first five months of the financial year has now reached £83.8bn, the ONS said, which is up £16.2bn from the same period last year.
