UK government borrowing in the nine months to December 2024 was £129.9 billion — £8.9 billion more than at the same point in the previous financial year and the second-highest financial year-to-December borrowing since monthly records began in January 1993.
The UK’s Office for National Statistics (ONS) said the UK’s public sector net debt excluding public sector banks now stands at about £2.825 trillion.
UK government borrowing was £17.8 billion in December 2024 — £10.1 billion more than in December 2023 and the highest December borrowing for four years.
The interest payable on UK central government debt in December alone was £8.3 billion, largely because of movements in the Retail Prices Index — this was £3.8 billion more than in December 2023 and the third-highest December figure since monthly records began.
UK public sector net debt excluding public sector banks was provisionally estimated at 97.2% of gross domestic product (GDP) at the end of December 2024. This was 0.3 percentage points more than at the end of December 2023, and remains at levels last seen in the early 1960s.
The UK Office For Budget Responsibility said: “This morning’s ONS release1 estimates that borrowing in the first nine months of 2024-25 totalled £129.9 billion. This is £4.1 billion above the monthly profile consistent with our October forecast.
“This upside surprise against profile reflects higher-than-expected borrowing by local authorities and public corporations, with central government borrowing – the largest sector – slightly below profile.”