Government borrowing in the UK reached £20.7 billion in June 2024, exceeding expectations. This represents a £6.6 billion increase compared to June 2023. The Office for National Statistics (ONS) reported this figure as the second highest for June since records began in 1993, second only to June 2020, which was significantly impacted by the COVID-19 pandemic. The increase is attributed to higher spending on public services and debt interest payments, outweighing tax revenue increases, including those from National Insurance Contributions implemented in April 2024.

Impact Statement: The significant rise in UK government borrowing will likely impact future economic policy decisions and potentially influence the national debt.