The Office for National Statistics released public sector net borrowing for the U.K. on Tuesday. The public sector net borrowing in the U.K. fell to £8.63 billion in September from £10.80 billion in August. August's figure was revised up from £10.9 billion. Analysts had expected a decrease to £9.4 billion.
Public sector net borrowing excluding public sector banks totalled £9.4 billion in September, down £1.6 billion from last year.
The decline in debt was driven by higher revenues from income, VAT and corporation tax.
Total debt was £1,524.1 billion in September, up £70.5 billion from last year. It was equal to 80.6% of GDP.