Steve Beasant

Liberal Democrat Prospective Parliamentary Candidate for Great Grimsby and Councillor for the East Marsh Learn more

Rise in borrowing shows Brexit has blown a hole in Chancellor’s budget

by Steve Beasant on 21 November, 2017

UK public sector borrowing rose to £8.0bn in October, official figures show, up £500m from a year earlier. 

The increase is partly due to increased debt repayment costs, caused by higher inflation since the Brexit vote.

In October 2017 the debt interest paid by central government was £6bn, the second-highest monthly figure on record and up £1.2bn from October last year.

Liberal Democrat Leader Vince Cable commented:

“These figures show Brexit is blowing a hole in the Chancellor’s budget.

“Higher inflation caused by the falling pound is leading to millions of pounds in additional interest payments.

“Money that could have been spent on our hospitals, schools and housing is instead going to service Britain’s debt.

“The British people didn’t vote for more debt and less money for public services. As the true cost of Brexit becomes clear, we must give the public a chance to halt this process and stay in the EU.”

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