Government borrowing rose to £17.8bn in December 2024, £10.1bn more than in December 2023, as Chancellor Rachel Reeves uses her new fiscal rules to attempt to boost her growth plans.
Borrowing, defined as the difference between public sector spending and income, came in higher than the £14.1bn expected, and represented the highest level of borrowing in December for four years, according to data from the Office for National Statistics. As a result, the current budget deficit reached its highest December figure for two years at £10bn, up from £2.7bn in December a year prior. Jessica Barnaby, deputy director for public sector finances at the ONS, said: "At almost £18bn, borrowing last month was the third highest in any December on record." Analysts split over Re...
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