"Figures from the Office for National Statistics (ONS) showed public sector net borrowing the difference between spending and income was 11.7bn last month, 1.9bn less than in the same month a year earlier. In the first snapshot since the November budget, the reading was above City predictions of a 10bn deficit. Tom Davies, an ONS senior statistician, said: Despite an increase in spending, this month's borrowing was the lowest November for four years."
"However, across the financial year to date as a whole, borrowing is higher than last year. Borrowing in the financial year to November was 132.3bn. This was 10bn more than in the same eight-month period of 2024, and the second-highest figure for the period on record after 2020, during the height of the Covid pandemic. The figures come a day after the Bank of England cut interest rates for a sixth time since August last year, easing some of the pressure on borrowers,"
Public sector net borrowing stood at £11.7bn in November, £1.9bn lower than the same month a year earlier but above City expectations of a £10bn deficit. Increased receipts from taxes and national insurance helped reduce November borrowing despite a rise in spending. Fiscal-year-to-date borrowing through November reached £132.3bn, £10bn more than the same eight-month period last year and the second-highest on record after 2020. The Bank of England cut interest rates for the sixth time since last August. GDP unexpectedly shrank in October and growth is forecast to flatline in Q4.
Read at www.theguardian.com
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