UK public sector borrowing narrows more than expected

Public sector net borrowing in the UK, excluding public sector banks, fell to £11.25 billion in November 2024, down from an upwardly revised £18.22 billion in October and below the expected £13.0 billion.

UK public sector borrowing narrows more than expected

This marked the lowest November borrowing since 2021 (£7.5 billion) and £3.4 billion less than the same month last year. Total public sector spending increased slightly by £0.1 billion year-on-year to £101.4 billion, with higher expenditure on public services and benefits nearly offset by a reduction in debt interest payments.

Receipts rose by £3.5 billion

Meanwhile, receipts rose by £3.5 billion to £90.1 billion, driven by growth in central government tax receipts, though partially offset by a decrease in compulsory social contributions. Borrowing for the financial year to November 2024 reached £113.2 billion, £0.4 billion lower than the same period last year, but still the third-highest financial year-to-November borrowing since records began in January 1993.