British public sector borrowing came in slightly less than expected in December but still hit record highs for the month and the financial year to date, the Office for National Statistics (ONS) said today.
The ONS said the public sector posted a net cash requirement of £23.60 billion last month, a record high for the month but below analysts forecasts for a reading of £26.0 billion.
The government's preferred accruals-based measure of public sector net borrowing came in at £15.719 billion, also a December record but again below expectations for £18.75 billion.
Year-on-year, public borrowing is sharply higher with both measures setting cumulative records for the financial year to date, and the ONS said that total net borrowing reached 61.7 percent of GDP in December, the highest since records began in 1974.
In a sign that the pressure on public finances is starting to ease, total current receipts in December fell by 0.4 per cent to £37.0 billion -- the smallest year-on-year decline since September 2008. Total current expenditure rose 7.5 per cent on the year to £44.9 billion in December.
Reuters