• From April to November 2014, public sector net borrowing excluding public sector banks was 0.5bn lower than in the same period last year.
  • In November 2014 borrowing was 1.6bn lower than in November 2013.
  • At the end of November 2014, public sector net debt excluding public sector banks was 79.5% of GDP.

 

Commenting on the public sector finances for November 2014 published today by the ONS, David Kern, Chief Economist at the British Chambers of Commerce (BCC) said:

“Although UK public sector finances showed further improvement in November, it remains unlikely that the government will achieve the results predicted in the Autumn Statement for this financial year. While these latest results are positive, the task of stabilising Britain’s public finances will require a sustained effort and tough decision making from any incoming government.

“Despite our strong recovery the UK’s ability to generate tax revenues is now smaller than before the financial crisis. This reflects weak earnings growth, declining oil and gas production and the reduced profitability of our banking and financial sector. Given the current situation it is vital that we persevere with a long-term strategy for reducing the deficit, to allow businesses to drive a sustainable recovery.”