Government borrowing for October higher than expected

Chief Secretary to the Treasury James Murray said at the moment £1 of every £10 in taxpayer money was spent on interest on national debt.

“That money should be going to our schools, hospitals, police and armed forces,” he said.

“That is why we are set to deliver the largest primary deficit reduction in both the G7 and G20 over the next five years – to get borrowing costs down.”

Shadow chancellor Sir Mel Stride said borrowing so far this financial year had been the highest on record besides the pandemic.

“If Labour had any backbone, they would control spending to avoid tax rises next week,” he said.