(RTTNews) - The UK budget deficit exceeded expectations in November to hit the fourth highest level for the month of November since records began in 1993, the Office for National Statistics reported Thursday.
The public sector net borrowing decreased by GBP 0.9 billion to GBP 14.3 billion in November.
However, this was the fourth highest November borrowing since monthly records began in 1993 and also exceeded economists' forecast of GBP 12.9 billion.
The decrease in borrowing reflects the fall in payments on the energy support schemes.
These reductions in spending were offset by other inflation-related costs, such as increased benefit payments.
In the financial year to November, government borrowing increased by GBP 24.4 billion from the same period last year to GBP 116.4 billion.
This was the second highest financial year-to-November borrowing on record. The Office for Budget Responsibility forecast borrowing to hit GBP 123.9 billion in the financial year ending March 2024.
The OBR had estimated that the borrowing the year ended March 2023 was GBP 128.3 billion.
At the end of November, public sector net debt excluding public sector banks totalled GBP 2.67 trillion, which was equivalent to about 97.5 percent of gross domestic product.
Capital Economics economist Ashley Webb said, "We doubt November's public finances figures will prevent the Chancellor from unveiling a further pre-election fiscal splash in the Spring Budget."
