Business news live – Government borrowing in September hits highest level since Covid

Government borrowing costs reached £20.2bn in September, in line with OBR expectations but the highest in the month since Covid.

This figure is more than £1.5bn higher than the same period last year, while total borrowing in the first half of the year was around £100bn.

ONS chief economist Grant Fitzner said: “Last month we witnessed the highest September borrowing in five years.

“The cost of providing interest on debt, public services and social benefits increased compared to last year, more than offset by increases in revenues from central government taxes and national insurance contributions.

“Likewise, the first six months of the financial year saw the highest overall deficit since 2020.”

Good morning, there’s a lot coming in the next few hours, starting with UK financial data that affects you (or in this case, paid for by you): inheritance tax levels and the latest borrowing data.

Since next month’s budget is on everyone’s agenda, these and tomorrow’s inflation figures are important figures.