According to the report from the Office for National Statistics (ONS), in November, net borrowing by the public sector, excluding state-owned banks (PSCB ex), amounted to 14.33 billion pounds, down from October (16.03 billion pounds, revised from 14.98 billion pounds). Economists had expected a deficit of 12.9 billion pounds. The ONS said it was the fourth highest November borrowing since monthly records began in 1993. Central government's receipts increased by 3.6 billion pounds compared to November 2022, to 77.6 billion pounds (the highest November since monthly records began in 1993). Meanwhile, the central government's total expenditure was 87.6 billion pounds (the highest November total since monthly records began in 1993), 0.7 billion pounds more than in November 2022.
PSNB ex in the financial year to November was 116.4 billion pounds, 24.4 billion pounds more than in the same period last year. It was the second highest financial year-to-November borrowing on record.
Public sector net debt excluding public sector banks at the end of November was 2,671.4 billion pounds and was provisionally estimated at around 97.5% of the UK's GDP. This is 1.8% points higher than in November 2022 and remains at levels last seen in the early 1960s. Excluding the Bank of England, public sector net debt was 2,418.6 billion pounds, or around 88.3% of GDP.