October’s public finances figures showed that government borrowing is no longer coming in below last year’s monthly totals. And the combination of the government’s energy price support and pressures from the weakening economy implies that borrowing will come in at £175bn (6.9% of GDP) in 2022/23, in line with the OBR’s forecast of £177bn, but a huge £42bn above the 2021/22 total.
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