The amount of new public sector borrowing hit a fresh record high in November, according to the Office for National Statistics (ONS).
Net borrowing totalled Ã‚Â£23.3bn last month, up from Ã‚Â£17.4bn a year ago, and more than analysts had expected.
The borrowing figure was pushed higher by increased spending on health, defence and the EU.
The latest figures are likely to raise concerns about the government’s efforts to reduce the UK’s budget deficit.
While the government spent 10.8% more in November than the same month last year, its VAT receipts fell 0.1%.
A Treasury spokesman said: “November’s borrowing figures show why the government has had to take decisive action to take Britain out of the financial danger zone.
“These outturns are also in line with the Office of Budget Responsibility’s latest forecast for borrowing to fall by almost Ã‚Â£10bn this year compared to last, and for tax receipts to increase by over 7% year-on-year.”
The ONS said public sector net debt now stood at 58% of UK GDP.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.