Financial News: UK Budget Deficit Declines In November

UK Budget Deficit Declines In November

(RTTNews) - UK budget deficit narrowed notably in November as the interest payable on government debt decreased, while tax receipts increased from a year ago, the Office for National Statistics said on Friday.

Public sector net borrowing decreased GBP 3.4 billion to GBP 11.2 billion in November. This was the lowest November borrowing since 2021.

Tax receipts increased by GBP 3.2 billion from the last year to GBP 81.5 billion in November. At the same time, total expenditure fell by GBP 0.2 billion to GBP 88.2 billion.

The interest payable on central government debt came in at GBP 3.0 billion. This was a decrease of GBP 4.7 billion compared with November, and marked the lowest November figure since November 2019.

In the financial year to November, PSNB was GBP 113.2 billion, which was 0.4 billion less than at the same point in the last financial year. Nonetheless, this was the third-highest financial year-to-November borrowing since monthly records began in January 1993.

At the end of November, public sector net debt excluding public sector banks was estimated at 98.1 percent of gross domestic product.

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