Public borrowing increases further

Latest figures released by the Office for National Statistics show that net debt was £555.3bn, equivalent to 38.3% of gross domestic product.

The Government has said that it will keep net debt to below 40%, but as this figure continues to increase month on month it may have to revise this decision.

Net borrowing stands at £9.2bn, more than analysts had forecast. Overall borrowing this year stands at £24.4bn, the highest level since 1946.

This come on the back of a recent announcement that the Government is considering amending the rules on how much it can borrow.