"Figures from the Office for National Statistics (ONS) show that the government borrowed £132.3 billion between April and November, £10 billion more than over the same period last year. The only higher total for that stretch of the year was recorded in 2020, when emergency spending during the Covid-19 pandemic pushed borrowing to unprecedented levels. Borrowing in November alone came in at £11.7 billion, £1.9 billion lower than a year earlier and the lowest figure for that month since 2021. However, earlier months were revised upwards by almost £4 billion, reinforcing the picture of sustained pressure on the public finances."
"Tax revenues rose sharply over the period, climbing by £25 billion to £516 billion. This was driven by a £21 billion increase in National Insurance contributions and a £14 billion rise in income tax receipts. However, spending grew even faster, up £55 billion to £736 billion, largely due to a £15 billion increase in benefit payments. Markets reacted cautiously to the data, with the yield on the benchmark ten-year gilt edging up to 4.5 per cent and sterling slipping slightly against the dollar."
UK government borrowing reached £132.3 billion between April and November, £10 billion higher than the same period last year and the second-highest on record for that stretch. November borrowing was £11.7 billion, down £1.9 billion year-on-year and the lowest November since 2021, but earlier months were revised up by almost £4 billion. Tax receipts rose by £25 billion to £516 billion, driven by a £21 billion rise in National Insurance and £14 billion more income tax, while spending rose £55 billion to £736 billion, driven by a £15 billion rise in benefit payments. Markets saw slightly higher gilt yields and a weaker pound. Chancellor measures include a £25 billion employer National Insurance increase.
Read at Business Matters
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