MNI BRIEF: UK November Borrowing Lowest In Four Years - ONS

UK government borrowing was GBP11.7 billion in November, nearly GBP2 billion lower than the same month last year and the lowest for any November since 2021, the Office for National Statistics said on Friday.

For the financial year to date, borrowing was GBP132.3 billion; GBP10.0 billion more than in the same eight-month period of 2024 and the second-highest April-to-November nominal borrowing on record after 2020.

Public sector net debt excluding public sector banks stood at 95.6% of GDP,  a level last seen in the early 1960s. Public sector net financial liabilities excluding public sector banks were estimated at 85.1% of GDP, 2.7 percentage points more than a year ago. (See MNI INTERVIEW: UK Needs To Slash Spending Share Of GDP- Chadha )

ONS senior statistician Tom Davies said "The main reason for the drop (in borrowing) from last year was increased receipts from taxes and National Insurance contributions".