By Jason Douglas

LONDON--U.K. government borrowing in first seven months of the fiscal year was the lowest in 13 years, despite a big rise in government spending in October.

The figures suggest Treasury chief Philip Hammond will probably meet his budget goals for the full fiscal year through March, even after announcing planned tax cuts and new spending on health in his annual budget statement last month.

The Office for National Statistics said Wednesday the U.K. government borrowed 26.7 billion pounds ($30.5 billion) in the seven months through October, the lowest borrowing for the same period since 2005.

Borrowing in October, though, was the highest for three years at GBP8.8 billion, a reflection of higher government spending on interest payments on its debts and spending on goods and services.

The Office for Budget Responsibility, the U.K.'s fiscal watchdog, forecast in October the government would borrow GBP25.5 billion in the full year through March. Though current borrowing exceeds that sum, the government usually records large surpluses in January when certain tax receipts are paid.

Write to Jason Douglas at Jason.Douglas@wsj.com

(END) Dow Jones Newswires

November 21, 2018 04:48 ET (09:48 GMT)

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