U.K. budget deficit narrows in Nov, public sector net borrowing above forecasts

Data released by Office for National Statistics on Wednesday showed that United Kingdom budget deficit narrowed in November. ONS reported UK ran a budget deficit of £12.6bn in November.

United Kingdom public sector net borrowing rose to a seasonally adjusted GBP 12.21 billion, from GBP 4.32 billion in the preceding quarter whose figure was revised up from GBP 4.30 billion. Analysts had expected U.K. Public Sector Net Borrowing to rise to GBP 11.30 billion in the last quarter.

Public sector net borrowing excluding intervention dropped by GBP 0.6 billion from prior year to GBP 12.6 billion in November. The expected level was GBP 12.2 billion. In the current financial year-to-date period, public sector net borrowing decreased GBP 7.7 billion to GBP 59.5 billion.

Public sector net debt totaled GBP 1.65 trillion at the end of November, equivalent to 84.5 percent of gross domestic product (GDP), rising GBP 58.6 billion compared with November 2015.