Government borrowing in November highest on record

According to official figures, government borrowing in November reached its highest level since monthly records began in 1993.

Borrowing – the difference between spending and tax receipts – totaled £22 billion for the month as the public sector spent more than it received.

The figure was £13.9 billion more than in November last year, the Office for National Statistics (ONS) said.

Interest rates on government debt stood at £7.3 billion in November, the highest figure since 1997, according to the ONS.