UK government borrowing has climbed to its second-highest level on record for the first eight months of the financial year, underlining the scale of the challenge facing Rachel Reeves despite stronger tax receipts.
Figures from the Office for National Statistics (ONS) show that the government borrowed £132.3 billion between April and November, £10 billion more than over the same period last year. The only higher total for that stretch of the year was recorded in 2020, when emergency spending during the Covid-19 pandemic pushed borrowing to unprecedented levels.
Borrowing in November alone came in at £11.7 billion, £1.9 billion lower than a year earlier and the lowest figure for that month since 2021. However, earlier months were revised upwards by almost £4 billion, reinforcing the picture of sustained pressure on the public finances.
Tom Davies, senior statistician at the ONS, said that while November’s figure showed some improvement, the broader trend remained challenging. “Despite an increase in spending, this month’s borrowing was the lowest November for four years,” he said. “The main reason for the drop from last year was increased receipts from taxes and National Insurance contributions. However, across the financial year to date as a whole, borrowing is higher than last year.”
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