According to a preliminary estimate released by the Office for National Statistics (ONS), the percentage had increased from the 99.3% recorded the month before.
More information obtained by the number crunchers indicated that the government borrowed £13.7 billion in August, which was £2 billion more than the Office for Budget Responsibility (OBR) had predicted.
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This meant that borrowing for the current fiscal year, at £64.1 billion, exceeded the OBR’s prediction by £6 billion.
According to Grant Fitzner, chief economist of the ONS, borrowing increased last month by almost £3 billion above 2023’s total, making it the third-highest August borrowing amount ever.
“Central government tax receipts increased significantly, but this was not enough to offset greater expenditures, which was mostly caused by benefit uprating and higher public service spending as a result of higher salaries and operating costs.
Ahead of Chancellor Rachel Reeves’ first budget on October 30, the official data were presented against a backdrop of spending cuts, which included the elimination of universal winter fuel subsidies to pensioners and salary settlements for public sector employees to cease strike action.
