Public sector borrowing falls to £12.8bn

City A.M. Reporter
The government borrowed less than expected in September, according to official figures out today.

According to figures from the Office for National Statistics, public sector borrowing excluding financial sector interventions totalled £12.8bn last month, down £0.7bn year on year, which was below market expectations.

Net debt edged up to £1,065.4bn at the end of September, equivalent to 69.7 per cent of GDP.

The budget deficit data comes as employment reached a record high this week, and consumer price inflation is near a three-year low.

Economists expect data next week to show an end to Britain's second recession since the 2008 financial crisis.