UK government borrows more than expected in setback before budget

October figures represent final snapshot of public finances before Rachel Reeves’s tax and spending statement

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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.