Government borrowing higher than expected in November

Government borrowing in the UK was higher than expected last month, according to the latest official figures.

Borrowing (the difference between public spending and tax revenue) stood at £11.7bn in November, with analysts expecting a figure of around £10bn.

However, this figure was £1.9 billion lower than the same month last year and was the lowest November borrowing in four years. The Office for National Statistics (ONS) said the decline was mainly due to higher income from taxes and National Insurance contributions.

Separately, the ONS reported that retail sales fell unexpectedly in November as Black Friday failed to boost spending.

Borrowing for the financial year to November has now reached £132.3bn; This is £10bn ahead of the level at the same point last year.

Chief Secretary to the Treasury James Murray said last month’s Budget “will deliver on our commitment to reduce debt and borrowing”.

“For every £10 we spend, £1 goes towards debt interest, money that could otherwise be invested in public services,” he said.