Official figures released on Thursday (21 December) have revealed that Government borrowing in the UK exceeded expectations last month, partially driven by heightened benefits costs and increased interest payments.
While the November figures are lower than those recorded in the same month last year, they still represent the fourth-highest November total since monthly records were initiated in 1993.
The Office for National Statistics (ONS) reported that public sector net borrowing reached £14.3bn in November, surpassing economists' forecasts of £13.1bn for the month. Although the current figures reflect a decrease compared to last year, the Government's reduced expenditure on energy support for households played a significant role in this decline.
In addition to the November statistics, the ONS revised October's borrowing figures, indicating an increase of £3.8bn from the initial estimate. The revised data highlights the complex financial landscape the government is navigating.
For the financial year-to-date, Government borrowing stands at £116.4bn, marking a substantial £24.4bn increase compared to the same period last year.
Despite surpassing last year's figures, the current borrowing levels fall short of the projections outlined by the Government's official forecaster, the Office for Budget Responsibility.
Laura Trott, chief secretary to the Treasury, said:
"It was right to spend billions protecting people during the pandemic and the energy shock triggered by Putin's invasion of Ukraine, but we cannot leave our children and grandchildren to pick up the tab.
"That's why the Prime Minister has made reducing debt a top priority. We are taking difficult decisions in the national interest to control our borrowing needs and improve productivity so that we deliver the public services people need while keeping inflation down."
Talk to us about your finances.
