Government borrowing hits highest December level for four years

Published On Jan 22, 2025, 2:06 AM

UK government borrowing in December reached its highest level in four years at £17.8 billion, which was £10.1 billion more than the previous year. This increase is attributed to rising expenditures on public services, benefits, and debt interest, outweighing a modest increase in tax revenue due to a prior National Insurance cut. The government is looking to minimize wasteful expenditure to maintain economic stability, as suggested by Treasury Secretary Darren Jones.