November Borrowing Highest On Record In UK Public Sector

22nd December 2022

In November 2022, the public sector spent more than it received in taxes and other income, requiring it to borrow (public sector net borrowing excluding public sector banks (PSNB ex)) £22.0 billion, which was £13.9 billion more than in November 2021, and the highest November borrowing since monthly records began in 1993.

Public sector total expenditure was £98.9 billion in November 2022; of this, central government current (or day-to-day) spending was £82.0 billion, £13.5 billion more than in November 2021.

Central government debt interest payable was £7.3 billion in November 2022, which was £2.4 billion more than in November 2021 and the highest November figure since monthly records began in April 1997; the volatility in interest payable is largely because of the effect of Retail Prices Index (RPI) changes on index-linked gilts.

Public sector total receipts were £76.9 billion in November 2022; of this, central government tax receipts were £51.6 billion, £2.2 billion more than in November 2021.

PSNB ex was £105.4 billion in the financial year to November 2022; this was £7.6 billion less than in the same period last year, but £50.8 billion more than in the financial year to November 2019 (pre-coronavirus), and is the fourth highest financial year to November borrowing since monthly records began in 1993.

Central government net cash requirement (excluding UK Asset Resolution Ltd and Network Rail) was £25.5 billion in November 2022, which was £12.5 billion more than in November 2021; this brought the total to £77.2 billion for the financial year to November 2022.

Public sector net debt excluding public sector banks (PSND ex) was £2,477.5 billion at the end of November 2022, or around 98.7% of gross domestic product (GDP), which was an increase of £125.9 billion, or a decrease of 0.3 percentage points of GDP, compared with November 2021.

Public sector net debt excluding public sector banks and the Bank of England (PSND ex BoE) was £2,176.0 billion at the end of November 2022, or around 86.7% of GDP, which was an increase of £151.7 billion, or 1.5 percentage points of GDP, compared with November 2021.

Read more at -
https://www.ons.gov.uk/economy/governmentpublicsectorandtaxes/publicsectorfinance/bulletins/publicsectorfinances/november2022