UK government borrowing in the first eight months of its current financial year to November 2025 was £132.3 billion — £10 billion or 8.2% more than in the same eight-month period of 2024 and the second-highest April to November borrowing on record, after that of 2020.

Public sector net debt excluding public sector banks was provisionally estimated at 95.6% of GDP at the end of November 2025. This was 0.3 percentage points more than at the end of November 2024 and remains at levels last seen in the early 1960s.

Public sector net debt (PSND ex) at the end of October 2025 was estimated at £2.895 trillion.

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

Borrowing was £11.7 billion in November 2025. This was £1.9 billion or 14.0% less than November 2024 and the lowest November borrowing since 2021.

“Although the government used the budget as an opportunity to build up some fiscal headroom, fiscal concerns will likely remain a theme through 2026,” said Martin Swannell, chief economic adviser to the EY Item Club consultancy.