The Office for National Statistics said public sector net borrowing stood at £4.3bn in July, £3.4bn more than a year ago.
The ONS added that net debt stood at £2.58 trillion at the end of July, equal to around 98.5% of the UK’s gross domestic product and 1.9% higher than a year earlier.
Official figures earlier this month estimated that the economy grew by a better-than-forecast 0.2% between April and June. Chancellor Jeremy Hunt said: “As inflation slows, it’s vital that we don’t alter our course and continue to act responsibly with the public finances.Borrowing will be in sharp focus ahead of next year’s expected general election, with Mr Hunt and Prime Minister Rishi Sunak under pressure from within the Conservative Party to cut taxes to improve their chances at the polls.
The interest the Government paid on its debt hit £7.7 billion in July – £1.5 billion more than a year earlier and the highest seen for any July since records began in 1997.
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