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UK November borrowing higher than expected at £12.6bn

Staff Writer |
The UK government borrowed a higher-than-expected £12.6 billion in November in the first update on the UK’s public finances since the Autumn Statement.

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The Office for National Statistics (ONS) said public sector net borrowing, excluding state-owned banks, fell by £0.6bn compared with the same month last year. Economists were expecting a figure of £11.6bn.

It came as government borrowing, excluding banks, for the financial year to date – April to November – fell by £7.7bn to £59.5bn, compared with the same eight months in 2015.

A spokesman for the Treasury said: “The government has made significant progress in bringing the public finances under control, but our debt and deficit remain too high.

“That is why the Chancellor set out new fiscal rules to return the budget to balance, while creating the space to support the economy and raise productivity through a new £23bn National Productivity Investment Fund.”

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