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The UK government borrowed £20.2bn in September - the difference between public income and spending - which is the highest level for the month since Covid. The figure was in line with OBR forecasts but “cumulative borrowing is still significantly above the OBR forecast and the latest release still paints a picture of deteriorating public finances,” said RSM UK chief economist Thomas Pugh. “The chancellor will probably have to raise around £30bn at the budget in the autumn,” he added. Elsewhere, Pizza Hut’s dine-in restaurant firm has gone into administration, while the finance chief at discount retailer B&M has quit after a £7m oversight. Meanwhile, challenger bank Zopa has released a new high-interest savings account offering a 4.75 per cent rate to customers, ahead of tomorrow’s inflation data which is likely to show a 4 per cent rate for September. Follow The Independent’s live coverage of the latest stock markets and business news here
