UK borrowed more than expected in November amid pre-budget pressure
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UK government borrowing exceeded expectations in November, reaching £11.7 billion, according to the Office for National Statistics. This figure, released before Chancellor Rachel Reeves's autumn budget, is £1.9 billion less than November of the previous year but higher than anticipated. Increased tax and national insurance receipts contributed to the year-on-year decrease, but overall borrowing for the financial year to November totaled £132.3 billion, surpassing last year's figure by £10 billion. The government aims to cut debt and borrowing, as stated by the Chief Secretary to the Treasury, with £1 in every £10 spent going towards debt interest. Revenue from compulsory social contributions increased due to changes in national insurance contributions.
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