Driven by the cost of debt The UK’s budget deficit has soared more than forecast
Figures revealed this morning show the deficit was £17.8 billion in December, with estimates of £14.2b
The figure £10.1 billion more than in December 2023 and the highest December borrowing for four years.
The interest payable on central government debt was £8.3 billion in December 2024
Borrowing in the financial year to December 2024 was £129.9 billion; this was £8.9 billion more than at the same point in the last financial year and the second-highest financial year-to-December borrowing since monthly records began in January 1993.
The figures will put further pressure on the Chancellor Rachel Reeves
