UK public sector borrowing tops forecast in November but eases

UK public sector borrowing was higher than expected last month, but shrunk on year, numbers on Friday showed.

According to the Office for National Statistics, net borrowing amounted to GBP11.65 billion in November, falling from GBP13.55 billion a year prior and GBP21.19 billion in October.

It was the lowest November borrowing figure since 2021, the ONS said.

However, it topped an FXStreet cited forecast of GBP10.2 billion.

Borrowing in the financial year to-date totalled GBP132.3 billion, up 8.2% over the same eight-month period a year prior. It is the second-chunkiest borrowing figure for that stretch, topped only by 2020.

"The current budget deficit - borrowing to fund day-to-day public sector activities - was GBP5.6 billion in November 2025; this brings the total current budget deficit in the financial year to November 2025 to GBP93.0 billion, which is GBP7.0 billion (or 8.1%) more than in the same eight-month period of 2024," the ONS said.

Public sector net debt excluding public sector banks, was estimated at 95.6% of gross domestic product at the end of last month, 0.3 percentage points higher on-year, still sitting at "levels last seen in the early 1960s" according to the ONS.