UK government borrowing surpassed forecasts in October, with benefits and public sector wages amplifying strains on the public purse ahead of Rachel Reeves' Budget next Wednesday.

The Office for National Statistics revealed that public sector net borrowing had hit £17.4bn in the latest set of public finances data that government officials will review before Wednesday's pivotal political event.

City economists had anticipated government borrowing to total £15.2bn over the month.

Borrowing in the current financial year has now also exceeded £100bn, reaching £116.8bn. This was nearly £10bn higher than the figure projected by the Office for Budget Responsibility (OBR).

Martin Beck, a former Treasury economist who is now at WPI Strategy, said: "The OBR may conclude that part of this oversho

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