UK Government Borrowing Falls in November

Public sector borrowing fell to £8.7bn in November, down £0.2bn from year earlier, partly thanks to higher income tax receipts, official figures show.

The figure leaves borrowing for the financial year to date at £48.1bn.

That is the lowest recorded at this time of the year since 2007, before the financial crisis.

Last month, the government’s independent budget watchdog said it expected borrowing would total £49.9bn for the financial year to March 2018.

January typically brings a big surplus in the public finances thanks to annual income tax payments.

Last month, revenues from income and capital gains tax were up 6.2% from a year ago, and are now 3.4% higher for the year to date. Corporation tax revenues are unchanged.

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