UK borrowing hits highest November level

UK government borrowing soared in November as the UK continued to support the economy during the coronavirus pandemic.

 

The Office for National Statistics said borrowing hit £31.6bn last month, the highest November figure on record.

 

It was also the third-highest figure in any month since records began in 1993.

 

The figures highlight the government’s spending-revenue gap, and underline Chancellor, Rishi Sunak’s, problems as he weighs up bolstering Treasury coffers.

 

Since the beginning of the financial year in April, borrowing has reached £240.9bn, £188.6bn more than a year ago, the ONS said.

 

A Budget had been expected to take place in autumn this year, but it was delayed because of the pandemic and will now take place on 3 March 2021.

 

The independent Office for Budget Responsibility (OBR) has estimated that borrowing could reach £372.2bn by the end of the financial year in March.

 

However, Mr Sunak made clear on Tuesday that he would not be taking any hasty action. “When our economy recovers, it’s right that we take the necessary steps to put the public finances on a more sustainable footing so we are able to respond to future crises in the way we have done this year,” he said.

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