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UK public sector net borrowing surpassed again, after surpassing last month too. Excluding borrowing by state backed banks, borrowings were £14.2 billion in November, much larger from £7.4 billion in the previous month. Economists had expected much lower borrowing of £11.8 billion.
Though public sector net borrowing (excluding banks) is lower by £6.6 billion to £66.9 billion in current financial year so far (April to November) compared to last year, it is much higher than what was expected and UK is on its way to miss fiscal discipline target. Chancellor George Osborne originally planned to balance UK's budget by 2018 but later revised to 2019/20, however it could be in further future now.
Public sector net borrowing is now £71.4 billion higher compared to same month last year, pushing the total to £ 1.54 trillion.
UK borrowing cost have increased on the news. 2 year yield is up 4.25%, trading at 0.61%, while 10 year yield is up 1.5%, trading at 1.84%.
