In November, the United Kingdom experienced a significant reduction in its budget deficit, attributed to a decline in interest payments on government debt and an increase in tax revenues compared to the previous year, as reported by the Office for National Statistics on Friday.
The public sector net borrowing fell by £3.4 billion, amounting to £11.2 billion in November, marking the lowest borrowing in any November since 2021.
Tax revenues rose by £3.2 billion from the previous year, reaching £81.5 billion in November. Simultaneously, total government expenditure decreased slightly by £0.2 billion to £88.2 billion.
The interest payments on central government debt were recorded at £3.0 billion, reflecting a reduction of £4.7 billion from the same month last year, and achieving the lowest level for November since 2019.
For the financial year leading up to November, public sector net borrowing was £113.2 billion, a decrease of £0.4 billion compared to the equivalent period in the previous financial year. Despite this decline, it remains the third highest financial year-to-date borrowing for November since monthly records began in January 1993.
By the end of November, the public sector net debt, excluding public sector banks, was estimated to be 98.1% of the gross domestic product.
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