Total UK public sector borrowing (ex-banks) was £17.8 billion in December, up from £11.8 billion in November and above the consensus expectation of £14.1 billion in borrowing. This was £10.1 billion more than in December 2023, the highest borrowing in a month since April 2024, and the highest December borrowing for four years.

The current budget deficit of £10.0 billion is the highest December budget deficit in two years. Interest payable on government debt continues to be an issue for UK public finances. That segment of spending was £8.3 billion in December, £0.5 billion more than the forecast for the month by the Office for Budget Responsibility.

This was the 2nd-highest FY to December borrowing on record, behind only the same period in 2020 (during COVID). Borrowing in the FY to December 2024 was £4.1 billion more than the £125.9 billion forecast by the OBR. UK government spending is £880.2 billion in the FY to December, £32.7 billion more than in the same nine-month period in 2023.