UK government borrowing was higher than expected last month, according to the latest official figures.
Borrowing – the difference between public spending and tax income – was £11.7bn in November, whereas analysts had been expecting about £10bn.
However, the figure was £1.9bn lower than in the same month last year and was the lowest November borrowing for four years. The Office for National Statistics (ONS) said the fall was mainly due to higher receipts from taxes and National Insurance contributions.
Separately, the ONS reported retail sales had fallen unexpectedly in November as Black Friday failed to boost spending.
Government borrowing for the financial year to November has now reached £132.3bn, which is £10bn ahead of where it was at the same point last year.
Chief Secretary to the Treasury James Murray said last month’s Budget would “deliver on our pledge to cut debt and borrowing.”
“£1 in every £10 we spend goes on debt interest – money that could otherwise be invested in public services,” he said.
The retail figures showed supermarket sales fell for the fourth month in a row, while discounts at retailers across November did not lift Black Friday spending as much as in recent years.
Analysts had expected total sales volumes to rise by 0.4% in November. Instead, they fell 0.1%.
The ONS said that over the three months to the end of November, sales rose by 0.6%, boosted by sales of computers, clothing and furniture.
However, some analysts said the weeks of pre-Budget uncertainty had dented shoppers’ confidence to spend.
“The chaotic run-up to the Budget hit consumer spending, driving retail sales into two consecutive monthly falls after a run of four rises from June to September,” Rob Wood, chief UK economist at Pantheon said.
Disclaimer : This story is auto aggregated by a computer programme and has not been created or edited by DOWNTHENEWS. Publisher: BBC
