November public borrowing hits record high
The Office for National Statistics (ONS) has today revealed public sector net borrowing totalled £23.3 billion in November – a record high for the month.
Not only did it exceed the monthly record of £21.1 billion that was set in December 2009 – it represented the highest level since monthly records began in 1993.
The figure was also much higher than analysts expected.
The increase was attributed to higher spending on health, defence and the EU and the figures will raise questions about the Government‘s efforts to trim the budget deficit.
According to the ONS, public sector net debt now stands at 58% of UK GDP.
Commenting, IHS Global Insight economist Howard Archer, said: “The public finances were truly horrible and much worse than expected in November.”