UK borrows £136bn YTD as debt tops £2.3 trillion

UK Government borrowing is estimated to have been £136 billion in the eight months to November 2021, the second-highest financial year-to-November borrowing since monthly records began in 1993 –but £115.8 billion less than in the same period last year at the height of pandemic spending.

That’s according to the latest data from the UK’s Office for National Statistics (ONS).

The ONS said public sector net debt excluding public sector banks (PSND ex) was £2.318 trillion at the end of November 2021 — around 96.1% of gross domestic product (GDP), the highest ratio since March 1963 when it was 98.3%.

Interest payments made by the UK Treasury rose 54% between April and November, up by £15 billion to £42.9 billion.

Public sector net debt excluding public sector banks and the Bank of England (PSND ex BoE) was £1.99 trillion at the end of November 2021 — around 82.7% of GDP.

For the month of November 2021, public sector net borrowing excluding public sector banks (PSNB ex) was estimated to have been £17.4 billion — the second-highest November borrowing since monthly records began in 1993, but £4.9 billion less than in November 2020.

About the Author

Mark McSherry
Dalriada Media LLC sites are edited by veteran news journalist Mark McSherry, a former staff editor and reporter with Reuters, Bloomberg and major newspapers including the South China Morning Post, London's Sunday Times and The Scotsman. McSherry's journalism has also appeared in The Washington Post, The Guardian, The Independent, The New York Times, London's Evening Standard and Forbes. McSherry is also a professor of journalism and communication arts in universities and colleges in New York City. Scottish-born McSherry has an MBA from the University of Edinburgh and a Certificate in Global Affairs from New York University.