20th Dec 2024 09:16
(Alliance News) - The UK government borrowed less than expected in November, aided by higher tax receipts and lower debt interest payments.
According to the Office for National Statistics, government borrowing - the difference between public sector spending and income – was GBP11.2 billion in November, down from GBP14.6 billion a year prior, and the lowest November reading for three years.
November's figure was below FXStreet-cited market consensus of GBP15.5 billion and a drop from GBP17.4 billion in October.
Government receipts were GBP81.5 billion in November, GBP3.2 billion more than a year ago, boosted by increased tax receipts which rose to GBP61.8 billion from GBP58.0 billion a year ago.
Government expenditure was GBP88.2 billion in November down a bit from GBP88.4 billion a year ago. Within this, interest payable on central government debt fell to GBP3.0 billion from GBP7.7 billion, largely because the interest payable on index-linked gilts rises and falls with the retail prices index.
Borrowing in the financial year to November was GBP113.2 billion compared to GBP113.6 billion a year prior, the third-highest financial year-to-November borrowing since monthly records began in January 1993.
By Jeremy Cutler, Alliance News reporter
Comments and questions to [email protected]
Copyright 2024 Alliance News Ltd. All Rights Reserved.