#uk-public-borrowing

#uk-public-borrowing

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.

In the UK, the ONS reported a public sector net borrowing figure (excluding banks) of £20.2bn, the highest September reading for five years and £1.6bn more than a year earlier. ONS chief economist Grant Fitzner flagged higher debt interest, public services spending, and benefits as the key drivers, offsetting gains in tax and NI receipts. The figures add pressure on Chancellor Rachel Reeves ahead of next month's autumn budget, where she is expected to announce tax hikes and spending cuts totalling at least £20-30bn.