UK borrowing higher than expected in February

Government borrowing in February was higher than expected, according to official figures.

Borrowing was £8.4bn amid higher benefits payments such as cost-of-living support.

Economists had predicted that borrowing would come in at £6bn for the month.

However, the Office for National Statistics (ONS) said the February number was £3.4bn lower than a year earlier, as the growth tax receipts exceeding growth in spending.

It was also the fourth consecutive month where borrowing was down on the previous year.

The government tends to spend more than it raises in tax.

To fill this gap it either borrows money, raises taxes, or cuts spending.

Any money borrowed has to be paid back with interest.