UK budget deficit totals $18.1B in November, higher than expected

By Aysu Bicer

LONDON (AA) - The UK saw a higher-than-expected budget deficit of £14.3 billion ($18.1 billion) in November, the latest data by the Office for National Statistics (ONS) showed on Thursday.

The figure is £900 million less than the previous year, marking the fourth-highest November total since monthly records were initiated in 1993.

"Borrowing in the financial year-to-November 2023 was £116.4 billion, £24.4 billion more than in the same eight-month period last year and the second highest financial year-to-November borrowing on record," it said.

"Payments relating to the energy price schemes that began in October 2022 have now stopped. However, these reductions in spending were offset by other inflation-related costs, such as increased benefit payments," it added.

Public sector net debt, excluding state-owned banks, stood at 2.67 trillion pounds, equivalent to 97.5% of economic output, the ONS said.

Public sector net debt excluding public sector banks (debt) stood at 2.67 trillion pounds, around 97.5% of the UK's annual gross domestic product (GDP); this is 1.8 percentage points higher than in Nov. 2022, it said.