Drop in public sector borrowing in September

Despite this, September 2023 still recorded the sixth highest September borrowing rate since monthly records began back in 1993. In contrast, the £700m payable on central government debt was £7.2bn less than in September 2022 and the third lowest in any month since records began back in 1997 – largely because of the fall in the Retail Prices Index between June and July 2023.  

Meanwhile, the public sector net debt in the first half of the financial year was worth £81.7bn – £15.3bn more than in the same six-month period last year, but £19.8bn less than the £101.5bn forecast by the Office for Budget Responsibility (OBR) in March.  

As for public sector net worth, there was a deficit of £667.3bn at the end of September 2023 – with the deficit higher when compared to the £519.4bn deficit at the end of September 2022.

Additionally, the central government net cash requirement was worth £15.2bn last month – £1.5bn more than in September 2022 but £1.4bn less than the £16.6bn figure forecast by the OBR back in March.