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UK's year-to-date budget deficit at decade low

U.K. public sector net borrowing fell to £8.7 billion in November, £200 million down on the previous year, after posting an increase of £500 million in October, the Office for National Statistics said.

In the current financial year to November, the budget deficit, which excludes borrowing by public sector banks, declined by £3.1 billion to £48.1 billion year on year, the lowest year-to-date net borrowing figure since 2007.

The Office for Budget Responsibility lowered its forecast for net borrowing for the financial year ending March 2018 to £49.9 billion from £58.3 billion.

Public sector net debt, again excluding public sector banks, stood at £31.735 trillion, or 84.6% of GDP, at the end of November. It was £72.2 billion higher on an annual basis.