Government borrowing in November highest on recordon December 21, 2022 at 8:39 am

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Official figures show the government spent £22bn more than it raised – the highest ever figure for the month.

People walking in the streetImage source, Getty Images

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.

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