UK Government Borrowing Falls to Lowest November Level in Three Years

Improved tax revenues and reduced debt interest costs drive borrowing down to £11.2 billion, outperforming forecasts.

Government borrowing in November 2024 totaled £11.2 billion, significantly below the £13 billion forecast by economists and £3.4 billion less than November 2023.
The decline was primarily attributed to a £4.7 billion reduction in debt interest payments, driven by lower inflation and a drop in the retail price index.
Tax revenues increased compared to last year, offsetting higher spending on public services and welfare programs.
Borrowing for the financial year to November reached £113.2 billion, remaining largely unchanged from the previous year but still among the highest on record for this period.
Economists warn that despite the positive figures, economic challenges and rising inflation could lead to future tax increases or spending cuts to manage the deficit.