Government borrowing rises more than expected in February

(Sharecast News) - The UK government borrowed more than expected in February, according to figures released on Friday by the Office for National Statistics. Borrowing rose to £14.3bn, up £2.2bn from a year earlier and marking the second highest level for that month since records began. It was well above the £8.5bn expected by economists and nearly double the £7.4bn forecast by Office for Budget Responsibility last November.

Borrowing in the financial year to February was £125.9bn, down 8.7% on the same 11-month period a year ago, but still the fourth-highest April to February borrowing on record.

ONS senior statistician Tom Davies said: "Borrowing was higher than the same month last year and was the second-highest February figure on record. While receipts were up on last year, that was outweighed by a rise in spending, including the later timing of some debt interest payments.

"However, across the first eleven months of this financial year as a whole, borrowing was down, as receipts increased by more than spending."