UK government borrowing dips in October

Public borrowing was less than expected for October.

According to the Office of National Statistics, UK borrowing last month was £18.8bn – £200m less than a year ago.

Economists polled by Reuters estimated borrowing to be £13.8bn.

UK government debt is the highest since the early 1960s.

 “Public borrowing is falling much less quickly than earlier this year, reflecting the slowing of the economic recovery and the pick-up in inflation, which determines interest payments on index-linked gilts,” said Samuel Tombs, chief UK economist at Pantheon Macroeconomics.

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