The borrowing figure for September reached £16.6 billion, marking the third-largest deficit for that month since record-keeping began in 1993.

This September deficit exceeded official forecasts by £1.5 billion, with spending rising significantly compared to tax revenue.

Prime Minister Keir Starmer has warned that the upcoming budget, to be presented on October 30, will likely involve painful public spending cuts and tax increases.

The national debt has surged to approximately 98.5% of GDP, nearing the symbolic 100% mark not seen since the 1960s.

Jones emphasized the necessity of addressing this financial shortfall in the upcoming budget to stabilize the economy and fulfill promises of change.

Since the start of the fiscal year in April, the UK has borrowed approximately £6.7 billion more than projected by the Office for Budget Responsibility (OBR).

Darren Jones, Chief Secretary to the Treasury, highlighted a £22 billion 'black hole' in public finances and criticized the absence of a funding plan for public sector pay agreements.

Despite these challenges, the OECD has revised its UK growth forecast for 2023 upward to 1.1%, suggesting some improvement in the economic context.

Economists predict a slowdown in quarterly growth but believe a major recession can be avoided in the coming months.

Interest payments on the national debt in September totaled £5.6 billion, significantly up from £1 billion the previous year, reflecting the growing financial burden on the government.

ONS Deputy Director Jessica Barnaby noted that while tax revenue has increased, it has been outpaced by higher spending driven by debt interest and public sector pay rises.

The newly elected Labour government is under pressure to address this financial situation, which they attribute to a £22 billion deficit inherited from 14 years of Conservative governance.