According to the report from the Office for National Statistics (ONS), in December, net borrowing by the public sector, including state-owned banks (PSCB ex) was 17.81 billion pounds, compared with 11.80 billion pounds in November (revised from 11.25 billion pounds). This is 3.2 billion pounds more than the 14.6 billion pounds forecast by the Office for Budget Responsibility, and 10.1 billion pounds more than was borrowed in December 2023. This was the third-highest December borrowing since monthly records began in January 1993, behind those of 2009 (21.4 billion pounds) and 2020 (24.2 billion pounds). Economists had expected a deficit of 14.1 billion pounds in December.
PSCB ex in the financial year to December was 129.9 billion pounds, 8.9 billion pounds more than at the same point in the last financial year and the second-highest financial year-to-December borrowing since monthly records began in January 1993.
Central government's receipts increased by 2.3 billion pounds compared to December 2023, to 85.6 billion pounds. Meanwhile, the central government's total expenditure was 100.2 billion pounds, 12.9 billion pounds more than in December 2023. In December, the interest payable on central government debt was 8.3 billion pounds. This was 0.5 billion pounds more than the 7.8 billion pounds forecast by the Office for Budget Responsibility. This was 3.8 billion pounds more than in December 2023 and was the highest December interest payable since 2022, when it was £17.6 billion pounds. It was also the third-highest December figure since monthly records began in January 1997, behind those of 2022 and 2021.
Public sector net debt excluding public sector banks was provisionally estimated at 97.2% of GDP at the end of December. This was 0.3% more than at the end of December 2023, and remains at levels last seen in the early 1960s.