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UK government borrowing dropped sharply in December, figures from Office for National Statistics showed on Tuesday.
Public sector net borrowing, excluding public sector banks, amounted to £7.8 billion - some £8.4 billion less than the prior year. It was the lowest level for December since 2019.
Borrowing in the financial year to December was £119.1 billion, which was the fourth-highest for the period on record. It was 10% higher than the equivalent nine-month period of the prior fiscal year.
Public sector net debt excluding public sector banks was £2.686 trillion, which is provisionally estimated to be around 97.7% of the UK’s annual gross domestic product.
‘This is 1.9 percentage points higher than in December 2022 and remains at levels last seen in the early 1960s,’ the ONS noted.
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