Lower borrowing bill gives Jeremy Hunt a boost before autumn statement
The chancellor has been handed a further pre-autumn statement boost as official figures this morning showed that the government borrowed £16.9 billion less than expected so far this year.
The government borrowed £14.9 billion in October, the second-highest figure for that month since records began in 1993 and above analysts’ expectations, according to the Office for National Statistics (ONS).
It means that the UK’s debt pile has increased by £98.3 billion in the present fiscal year, much lower the £115.2 billion that the Office for Budget Responsibility (OBR) projected by this time of the year at the March 2023 budget, strengthening the chances of Hunt launching tax cuts at tomorrow’s autumn statement.
Jeremy Hunt is considering using a fraction of a revenue windfall to