Government borrowing figures worst for any October since 2009

Public sector net borrowing increased by £1.1 billion compared to that of October 2014

(AFP)

UK public sector net borrowing figures were the worst for any October since 2009, official figures show.

Public sector net borrowing increased by £1.1bn compared to that of October 2014 and is the highest it has been in six years.

The Chancellor George Osborne’s target of having the budget deficit at £69.5bn this year is unlikely to be achieved with figures at the end of October standing at £54.3bn.

Under the current proposals the Government has £15.2bn to spend from November through to March.

The last time borrowing figures were higher was in October 2009 when the economy was in recession.

Net government debt has also increased to £1.5tn, up by £70.4bn from October of last year.

Mr Osborne will set out plans to achieve a budget surplus by 2019/20 at next Wednesday’s Autumn Statement and Spending Review where he will publish updated budget forecasts.

The Chancellor will also detail how government departments will cut spending by £20bn over the next four years and is also expected to outline his latest tax credit plans.

Labour party leader Jeremy Corbyn is almost certain to oppose the plans after calling for more public investment during his leadership campaign.