Public borrowing jumped to its second-highest April level on record as the Government counted the cost of a soaring benefits bill and record debt interest payments.
Borrowing stood at £25.6bn in the first month of the new tax year, according to the Office for National Statistics (ONS).
This is £3.1bn more than predicted by the Government's tax and spending watchdog and comes amid a double-digit uplift in a range of benefits as well as a 46pc jump in debt interest payments to £9.8bn.
It is also the second-highest borrowing figure for April since records began in 1993.
Jeremy Hunt admitted that "debt and borrowing remain too high" as figures showed targeted energy support schemes still cost the Exchequer £3.9bn, even after the Treasury stopped a blanket £67 monthly subsidy of all energy bills in March.
Other benefits rose by £4.5bn to £25.4bn in April compared with a year earlier, as they were uprated by 10.1pc to match increases in the cost of living.
The ONS also noted that the Government transferred almost £10bn to the Bank of England to cover losses on Threadneedle Street's quantitative easing (QE) programme as policymakers continued a programme of asset sales.
The Bank has estimated transfers could hit £30bn this year and £200bn over the next decade, although the final amount will depend on how interest rates rise.
Transfers do not increase the deficit, but add to the overall debt pile, which stood at 99.2pc of gross domestic product (GDP) in April. This is the highest debt share since the 1960s.
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2023-05-23 06:36:23Z
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