Government borrowing falls to four-year low in November

(Sharecast News) - Government borrowing hit a four-year low in November, according to figures released on Friday by the Office for National Statistics. Borrowing - which is the difference between total public sector spending and income - came in at £11.7bn, down £1.9bn on November 2024 and the lowest borrowing figure for that month since 2021.

Nevertheless, it was above economists' expectations for a decline to £10bn.

Borrowing in the financial year to November was £132.3bn, up £10bn on the same period a year earlier and the second-highest April to November borrowing on record after that of 2020.

ONS senior statistician Tom Davies said: "Despite an increase in spending, this month's borrowing was the lowest November for four years. The main reason for the drop from last year was increased receipts from taxes and National Insurance contributions.

"However, across the financial year to date as a whole, borrowing is higher than last year."