UK
government
borrowing
was
higher
than
expected
last
month
amid
greater
benefits
costs
and
increased
interest
payments,
official
figures
on
Thursday
showed.
However,
it
was
lower
than
the
same
month
last
year
after
the
government
spent
significantly
less
on
energy
support
for
households.
The
Office
for
National
Statistics
(ONS)
said
public
sector
net
borrowing
stood
at
£14.3
billion
in
November,
the
fourth-highest
November
total
since
monthly
records
began
in
1993.
Economists
had
forecast
borrowing
of
£13.1
billion
for
the
month.
The
ONS
also
revealed
that
borrowing
for
October
was
£3.8
billion
greater
than
it
had
previously
estimated.
Borrowing
for
the
financial
year-to-date
stood
at
£116.4
million,
£24.4
billion
more
than
the
same
period
last
year
but
undershooting
forecasts
from
the
government’s
official
forecaster,
the
Office
for
Budget
Responsibility.
Laura
Trott,
the
newly-appointed
chief
secretary
to
the
Treasury,
says:
“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.
“That’s
why
the
prime
minister
has
made
reducing
debt
a
top
priority.
“We
are
taking
difficult
decisions
in
the
national
interest
to
control
our
borrowing
needs
and
improve
productivity,
so
that
we
deliver
the
public
services
people
need
while
keeping
inflation
down.”
By
Henry
Saker-Clark,
PA
Deputy
Business
Editor
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