UK public sector net borrowing (excluding public sector banks) narrowed to GBP 11.7 billion in November 2025, down from GBP 13.6 billion a year earlier, but above market expectations of GBP 10 billion. Total public sector receipts increased by GBP 5.9 billion year-on-year, supported by higher central government tax revenues and National Insurance contributions. Meanwhile, total public sector expenditure rose by GBP 4.0 billion, reflecting increased spending on public services and social benefits, while debt interest costs declined compared with last year amid easing inflation-linked payments. For the financial year to November, borrowing reached GBP 132.3 billion, up GBP 10.0 billion, or 8.2%, from the same eight-month period of 2024, marking the second-highest April-to-November borrowing on record after 2020. Public sector net debt, excluding public sector banks, stood at around 95.6% of GDP, remaining close to historically elevated levels.