Hey The Office for National Statistics (ONS) highlighted that net debt, excluding public sector banks, was 2.3 percentage points higher than a year ago.
The ONS also reported that net public sector debt, excluding banks that remain partly in state hands since the 2008 credit crisis, stood at £11.6 billion (€13.4 billion).) in August, an increase of £3.5 billion (€4.05 billion). ) about a year ago.
Most analysts expected debt to reach 11.1 billion pounds (12.8 billion euros).
The government’s net debt was higher than analysts expected last month and the fourth highest level for August since data collection began, according to the data released.
“These figures show that after helping families during the pandemic, we now have to balance the books,” the Finance Minister said.
“It’s easier when inflation is under control, as higher inflation leads to higher interest rates,” Jeremy Hunt added. Therefore, he said it was necessary to “continue with the plan to bring it down.”
The Bank of England is expected to decide today whether to raise interest rates by a quarter point to 5.5% to control inflation, which stands at 6.7%.
Read also: UK annual inflation falls to 6.7% in August
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Charlotte Whitmore is a contributor at Mediarunsearch.co.uk, covering a broad range of topics including news, politics, business, technology, sport, entertainment, and lifestyle. She focuses on delivering clear, balanced reporting and practical information that helps readers stay informed about current events and emerging developments. Her work highlights stories that matter to everyday audiences, with an emphasis on accuracy, relevance, and accessible journalism that keeps readers connected to the issues shaping the UK and beyond.