The Office for National Statistics (ONS) said public sector net borrowing stood at £14.3 billion in November, reflecting the fourth-highest November total since monthly records began in 1993.
The amount of money the UK government borrowed was higher than expected in November due to greater benefits costs and increased interest payments.
It came in at £14.3 billion last month – making it the fourth highest November borrowing level since records began in 1993.
That’s according to official figures from the Office for National Statistics (ONS), that showed it was lower than the same month last year, however, after the government spent significantly less on energy support for households.
Moreover, the latest ONS data shows that over £24 billion more has been borrowed so far this financial year compared with a year ago, in a potential blow to Chancellor Jeremy Hunt’s ambitions to cut taxes next year.
Economists had forecast borrowing of £13.1 billion for the month of November.
Meanwhile, borrowing for the financial year-to-date stood at £116.4 million, £24.4 billion more than the same period last year but undershooting forecasts from the Government’s official forecaster, the Office for Budget Responsibility.