RISHI SUNAK SET TO STRUGGLE TO MEET KEY PLEDGE AS PUBLIC DEBT GROWS In the financial year, from April up to last month, borrowing grew to £116.4bn
Government borrowing and debt grew in November, official figures showed, casting doubt on the likelihood of one of the prime minister’s key pledges.
In the financial year, from April up to last month, borrowing grew to £116.4bn.
That’s the second highest since records began in 1993 and an increase of £24.4bn on the same period last year, according to Office for National Statistics (ONS) data.
Overall, the public sector net debt was £2,671.4bn at the end of November.
This meant debt as a proportion of GDP, a measure of everything produced in a country and economic growth, grew to around 97.5% – up 1.8 percentage points on a year earlier.
It’s a level not seen since the early 1960s, the ONS said. Debt as a proportion of GDP had hit the 100% mark in May of this year.
The public sector borrowed the fourth-highest amount in any November since records began, £14.3bn, a decrease of £0.9bn on the same month in 2022
