22nd Jan 2025 08:12
(Alliance News) - UK public sector net borrowing was much higher than expected in December, figures released by the Office of National Statistics showed on Wednesday.
PSNB totalled GBP17.81 billion in December, up from GBP11.8 billion in November. The November figure was revised up from GBP11.25 billion, and the December one far outpaced FXStreet-cited market consensus of GBP13.4 billion.
The pound was steady following the report. It was quoted at USD1.2322 early Wednesday in London, up slightly from USD1.2319 late Tuesday.
The GBP17.81 billion figure was GBP10.1 billion more than in December 2023 and the highest December borrowing for four years, the ONS noted.
Also, it reported that the current budget deficit was GBP10.0 billion in December, the highest deficit for that month in two years. This meant the government borrowed GBP7.3 billion more to fund day-to-day public sector activities than in December 2023.
For the year that ended December, UK government borrowing totalled GBP129.9 billion.
The ONS said this was GBP8.9 billion more than in 2023 and the second-highest calendar year borrowing since monthly records began in 1993.
By Emma Curzon, Alliance News reporter
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