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By Sarah Taaffe-Maguire, enterprise and economics reporter

Authorities borrowing final month was £15bn greater than final yr, with the price range deficit greater than economists predicted.

The hole between what the federal government takes in and what it spends was £10.7bn in February, in line with official figures.

The sum is the fourth highest since information started in 1993 and £4.1bn greater than anticipated by economists polled by the Reuters information company.

This time final yr, the federal government borrowed £117.5bn however the determine soared to £132.2bn in the course of the present monetary yr, representing a £15bn enhance, knowledge from the Workplace for Nationwide Statistics (ONS) confirmed.

It is unwelcome information simply days earlier than Chancellor Rachel Reeves offers an replace on the well being of the British financial system in her spring assertion.

In response to the figures, chief secretary to the Treasury Darren Jones stated: “We’re refocusing the general public sector on our missions and, for the primary time in 17 years, going by means of each penny of taxpayer cash line by line, to ensure it’s serving to us safe Britain’s future”.

“On the core of this pressing mission is sound public funds, based mostly on our non-negotiable fiscal guidelines. This authorities won’t ever play quick and free with the general public funds.”