UK government borrowing higher than expected in February

Jeremy Hunt has been handed disappointing news from the public finances after government borrowing was higher than expected in February, leaving the national debt at the highest levels since the 1960s.

The Office for National Statistics said public sector net borrowing was £8.4bn in February, £3.4bn less than in the same month a year ago.

Ruth Gregory, chief UK economist at the consultancy Capital Economics, said the “disappointing” borrowing figures suggested the OBR forecast “already looks too optimistic”.

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Laura Trott, the chief secretary to the Treasury, said the economy was “turning a corner” with falling inflation and rising wages.

“It was right that this government provided billions pounds to support individuals and businesses during Covid, and pay half of people’s energy bills after Putin’s invasion of Ukraine.