Year-to-date borrowing slightly up on previous year

This morning’s ONS release shows that borrowing in the first seven months of 2024-25 totalled £96.6 billion. This is £1.1 billion above the same period last year. The year-on-year increase is driven primarily by higher central government spending, particularly departmental consumption expenditure and welfare spending. Strength in receipts compared to last year has offset a significant portion of the higher expenditure.