Government borrowing hits highest December level for four years

[Pelican Press 0]

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Government borrowing hits highest December level for four years

Government borrowing rose more than expected in December, hitting the highest level for the month for four years, official figures show.

Borrowing – the difference between spending and tax revenue – was £17.8bn last month, £10.1bn more than in December 2023, the Office for National Statistics (ONS) said.

Spending on public services, benefits, and debt interest were all up on the year, the ONS said, while an increase tax take was offset by a cut to National Insurance by the previous government.

The increased borrowing comes after interest rates paid on government debt surged earlier this month before falling back.

Following the release of the figures, Chief Treasury Secretary Darren Jones said the government would “root out waste to ensure every penny of taxpayer’s money is spent productively”.

“Economic stability is vital for our number one mission of delivering growth,” he added.

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