UK Nov Borrowing Third-Highest on Record

NOV PSNB-X GBP 31,571BN VS GBP 5,570BN IN NOV 2019

NOV CGNCR GBP 23,945BN VS GBP 9,155BN NOV 2019

NOV PSNCR GBP 23,518BN VS GBP 9,385BN NOV 2019

NOV DEBT/GDP RATIO EX-BOE 88.4% VS 74.5%

NOV YTD BORROWING GBP 240.9BN VS GBP 52.3BN NOV 2019

UK year-to-date borrowing rose to GBP 240.9bn in Nov, which is GBP 188.6bn higher than in the same period a year ago and the highest borrowing in any Apr to Nov since records began in 1993. YTD borrowing was revised down to GBP209.9bn in Oct. Debt-to-GDP was 99.5% in Nov, which is the highest debt to GDP ratio since the fin. year ending 1962. Borrowing (ex-banking groups) was estimated at GBP 31,571bn in Nov, which is GBP 26.0bn higher than in Nov 2019 and the highest Nov borrowing on record. Government tax receipts were less than a year ago in Nov, recording GBP38.9bn with marked declines of VAT and business rates. On day-to-day activities the gov. spent GBP 80.6bn in Nov, which is GBP 23.5bn more than in Nov 2019 and includes additional spending, GBP 5.9bn for the coronavirus job support schemes. CGNCR was around three times the highest cash requirement in any other Apr-Nov period since records began in 1984 and was estimated at GBP23,945bn in Nov.