From Morningstar:

UK government borrowing was higher than expected last month at £14.3 billion, but lower than the same month last year due to decreased energy support for households. October borrowing was £3.8 billion more than previously estimated. Fiscal year-to-date borrowing hit £116.4 billion, £24.4 billion more than last year.

The U.K. government has spent significantly less in energy support for households as revealed by the Office for National Statistics. Public sector net borrowing for November is also reported to be the fourth highest November total since 1993.

Laura Trott, the new chief secretary to the Treasury, stated that “it was right to spend billions protecting people during the pandemic and the energy shock triggered by Putin’s invasion of Ukraine, but we cannot leave our children and grandchildren to pick up the tab.” She also added that reducing debt is a top priority and that difficult decisions in the national interest are being taken to control borrowing needs and improve productivity.



Read more: Gov’t Borrowing Rises as Interest Payments and…