Government borrowing surges

The latest figures from the Office for National Statistics public borrowing last month was its highest level since the 60s.

It was the second-highest November on record – with the first highest November being in 2020 at the height of the pandemic.

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Borrowing surged to  £17.4bn last month, which was higher than predictions.

“These data predate the recent surge in coronavirus infections caused by the Omicron variant, with a near-term tightening of virus restrictions once again a possibility,” said Bethany Beckett, a UK economist at Capital Economics.

“Although the economy has got better at coping with restrictions with each new wave, we still suspect it would prompt a deterioration in the public finances via lower tax revenues and the potential reintroduction of government support schemes.”

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