BORROWING BY the UK on international financial markets in August reached unprecedented levels, but revenues from a levy on bankers’ bonuses is running four times ahead of predictions, according to official statistics published yesterday.

The figure for public-sector borrowing last month reached £15.3 billion, significantly above predictions that it could be kept to £12.5 billion. Interest payments on index-linked gilts, which have gone up because of rising inflation, are blamed for much of the extra costs.

The treasury has borrowed £58.1 billion since the beginning of the financial year in April, although it remains confident borrowing for the year as a whole will run to £149 billion, £6 billion less than was borrowed by Labour the year before.

Revenues are running ahead of forecasts, up by 9 per cent, rather than the 6.3 per cent for the year predicted by George Osborne, the chancellor of the exchequer, but spending has risen by 6 per cent.

The higher tax revenues have been boosted by stronger economic growth between April and June, although there are fears that tax returns by the self-employed, which are due to be lodged next January, could be significantly down on expectations.

However, the return from the bankers’ levy, which was introduced by former Labour chancellor Alistair Darling, continues to defy expectations. It has yielded £2.3 billion, or almost four times more than the £550 million expected by Mr Darling.