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UK public-sector borrowing lower than expected in November

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UK public-sector borrowing lower than expected in November

Net borrowing in the U.K. public sector, excluding banks, rose by £200 million year over year to £5.6 billion in November, the Office for National Statistics reported.

The consensus estimate of economists polled by Econoday was for borrowing to reach £6.7 billion in the month.

On a yearly basis, central government receipts climbed 1.6% to £58.1 billion, primarily due to a rise in national insurance contributions. Meanwhile, expenditure declined 0.3% to £59.7 billion.

Borrowing from April through November increased £5.1 billion on an annual basis to £50.9 billion.

Public-sector net debt, excluding banks, rose to £1.809 trillion, or 80.6% of GDP, at the end of November, up £39.4 billion from the year-ago period.