Kwasi Kwarteng record economy shock Kwasi Kwarteng

Government borrowing soars to record £11.8bn ahead of emergency mini-budget

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As Downing Street plans to unveil its mini-budget on Friday, new figures reveal that government borrowing rocketed to record levels.

Data from the Office for National Statistics (ONS) revealed that rising inflation resulted in the interest on government debt soar by 22 per cent year-on-year to £8.2 billion last month.

This is the highest August figure since monthly records began in April 1997. In August, government borrowing - excluding state-owned banks - hit £11.8 billion which is almost double the £6 billion predicted by fiscal watchdog the Office for Budget Responsibility (OBR).

It also represents a £6.5 billion surge from pre-pandemic levels in 2019 which was forecast at £5.3 billion. Read more: What Friday's 'mini budget' could mean for you as Liz Truss confirms tax cuts It comes as the new Chancellor Kwasi Kwarteng prepares to unveil an emergency mini-budget on Friday where it will be revealed how the government plans to tackle the recession stemming from the cost of living crisis.

Read more on manchestereveningnews.co.uk
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