Public borrowing hits record high in February

This is a year-on-year increase of £7bn on the £9.7bn recorded in February 2022 and is the highest rate of February borrowing since monthly records began in 1993, with most of this increase driven by the substantial spending on energy support schemes. In contrast, central government interest payable dropped by £1.3bn to £6.9bn when compared to the same month the previous year. 

In the financial year up to February, meanwhile, the public sector borrowed £132.2bn, with this both being £15.5bn more than the same period last year and the third highest financial year-to-February borrowing rate since 1993.  

As for the current public sector budget deficit, this hit £10bn - £7.8bn more than in February 2022 – public sector net investment was worth £6.7bn, £1.9bn more than during the same month last year. Alongside this, total expenditure – which includes depreciation and net investment – grew to £90.1bn, £11.6bn more than a year earlier.