UK public sector net borrowing surpassed projections for April, according to official data released on Wednesday.
The Office for National Statistics reported that public sector net borrowing climbed to GBP 20.5 billion in April, marking the fourth highest level for the month since records began in 1993.
This borrowing figure for April was GBP 1.5 billion higher than that of April 2023 and GBP 1.2 billion above the Office for Budget Responsibility's forecast of GBP 19.3 billion. Economists had similarly anticipated a shortfall of GBP 19.3 billion for the month.
As of the end of April, public sector net debt, excluding public sector banks, was estimated at 97.9% of gross domestic product. This figure represents a 2.5 percentage point increase compared to the end of April 2023 and is reminiscent of debt levels last observed in the early 1960s.
Central government revenues increased by GBP 1.2 billion to GBP 77.4 billion in April, while expenditures rose by GBP 4.4 billion to GBP 111.7 billion.
