The UK government borrowed less than expected in November, aided by higher tax receipts and lower debt interest payments.

According to the Office for National Statistics, government borrowing - the difference between public sector spending and income – was £11.2 billion in November, down from £14.6 billion a year prior, and the lowest November reading for three years.

November’s figure was below FXStreet-cited market consensus of £15.5 billion and a drop from £17.4 billion in October.

Government receipts were £81.5 billion in November, £3.2 billion more than a year ago, boosted by increased tax receipts which rose to £61.8 billion from £58.0 billion a year ago.

Government expenditure was £88.2 billion in November down a bit from £88.4 billion a year ago. Within this, interest payable on central government debt fell to £3.0 billion from £7.7 billion, largely because the interest payable on index-linked gilts rises and falls with the retail prices index.

Borrowing in the financial year to November was £113.2 billion compared to £113.6 billion a year prior, the third-highest financial year-to-November borrowing since monthly records began in January 1993.

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