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UK November Borrowing At Record On Energy Bill Support Payouts, Debt Costs
(RTTNews) - Despite a rise in tax receipts, British government budget deficit hit the highest November level reflecting disbursements on energy support scheme and high debt servicing cost.
Public sector net borrowing, excluding banks, increased by GBP 13.9 billion from last year to GBP 22.0 billion. This was the biggest November deficit since monthly records began in 1993.
Borrowing increased despite a GBP 2.2 billion rise in tax receipts. Meanwhile, the central government debt interest payable surged GBP 2.4 billion to GBP 7.3 billion in November. This was the highest debt servicing cost since monthly records began in April 1997. Within this, an underlying GBP 4.3 billion reflected the impact of inflation.
Social assistance payments grew GBP 3.3 billion to GBP 13.2 billion, largely because of an increase in the cost of living payments. The government has paid GBP 1.9 billion under the energy bills support scheme in November.
Nonetheless, in the financial year to November, PSNB excluding banks decreased by GBP 7.6 billion to GBP 105.4 billion. Still this was the fourth highest financial year to November borrowing since monthly records began in 1993.
The Office for Budget Responsibility forecast the public sector could borrow an additional GBP 71.6 billion by the end of March 2023.
At the end of November, public sector net debt excluding public sector banks totaled GBP 2,477.5 billion, or around 98.7 percent of gross domestic product.
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