The Treasury’s borrowing has risen as Rachel Reeves scrambles to fill a £40bn black hole in the public finances.

The Government has borrowed £6.7bn more so far in this financial year than was forecast by the Office for Budget Responsibility (OBR), delivering the Chancellor less room for her sweeping spending and investment plans.

Public sector net borrowing excluding banks stood at £79.6bn in the six months to September, which was £1.2bn more the same point last year, according to the Office for National Statistics.

For the month of September, total public sector net borrowing excluding public sector banks was £16.6bn, which was lower than economists’ expectations of £17.5bn.

However, September borrowing was £1.2bn more than a year ago and it was the third biggest September deficit since records began in 1993.

Meanwhile, the public borrowing figure for August was revised down from £13.7bn to £13bn.

Public sector net debt excluding public sector banks reached around 98.5pc of the UK’s annual gross domestic product (GDP).

Read the latest updates below.