Figure of £17.4bn for November is down on last year but more than forecast by economists
The UK government borrowed £17.4bn in November, outstripping economists’ predictions and suggesting debt could far overshoot officials’ forecasts if the Omicron coronavirus variant slows the economy as expected.
It was the highest November borrowing since comparable records began 30 years ago, barring last year. During the furlough scheme in 2020, the Treasury under Rishi Sunak set successive peacetime records for monthly borrowing as it covered the costs of 80% of salaries for millions of people as well as support schemes for businesses.