UK borrowed more than expected in November amid pre-budget pressure

The Guardian - World NewsEN 3 min read 100% complete by Richard Partington Senior economics correspondentDecember 19, 2025 at 08:15 AM

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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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Office for National Statistics (ONS) ×240% Tom Davies 50% James Murray 60% Rachel Reeves ×280% United Kingdom ×3100%

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uk borrowing 90% public sector net borrowing 80% autumn budget 70% national insurance contributions 60% economic growth 60% debt interest 50% fiscal rules 50% tax changes 40%

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uk borrowing public sector net borrowing autumn budget national insurance contributions economic growth debt interest fiscal rules tax changes

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