The UK government borrowed more than expected in October, official figures show, in the final snapshot of the public finances before Rachel Reeves’s crunch budget.

The Office for National Statistics said borrowing – the difference between public spending and income – was £17.4bn last month.

That was lower than the same month last year, but still the third highest October deficit on record. It was also above the £15bn City economists had forecast. Could you do better than Reeves as chancellor? Play our interactive budget game Read more

In the fiscal year so far, borrowing is running at £116.8bn – 8.4% higher than the equivalent period in 2024, the ONS added, underlining the challenge facing Reeves in balancing the books.

This year-to-date deficit is £9.9bn more than the independen

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