Government borrowing in November highest on record

Government borrowing in November hit its highest level for the month since records began, official figures said.

Borrowing – the difference between spending and tax income – stood at £22bn as the public sector spent more than it received.

Government spending on cost-of-living payments and energy bill support for households helped fuel the rise.

The ONS said the interest on government debt in November rose to £7.3bn, the highest figure since 1997.

“Since mid-2021, the cost of servicing central government debt has increased considerably,” the ONS said.

“The recent high levels of debt interest payable are largely a result of higher inflation.”

November’s borrowing figure was £13.9bn more than in November last year, which is the highest level for the month since records began in 1993.