Government debt lower than expected in November

Government debt fell in November as more money was collected from taxes and less was spent on interest payments on the country’s debts, according to official data.

Borrowing – the difference between spending and tax taking – was £11.2bn last month, the lowest November figure since 2021 and lower than economists had expected.

Interest on loans fell from £4.7bn to £3bn, mainly due to lower inflation.

The Office for National Statistics said the government also spent more money on public services and benefit payments.