United Kingdom Government Budget Value

Public sector net borrowing, excluding public sector banks in the UK, decreased to £11.25 billion in November 2024, down from an upwardly revised £18.22 billion in October and below the expected £13.0 billion. This marked the lowest November borrowing since 2021 (£7.5 billion) and £3.4 billion less than in November last year. Total public sector spending rose slightly by £0.1 billion from a year earlier to £101.4 billion, with higher spending on public services and benefits nearly offset by reduced debt interest payments. Meanwhile, receipts increased by £3.5 billion to £90.1 billion, driven by growth in central government tax receipts, partially offset by a decline in compulsory social contributions. Borrowing in the financial year to November 2024 totaled £113.2 billion, £0.4 billion less than at the same point in the previous financial year but still the third-highest financial year-to-November borrowing since records began in January 1993.