Government borrowing hits highest December level for four years

Government borrowing rose in December, hitting the highest levels for the month for four years, official figures show.

Borrowing – the difference between spending and tax revenue – was £17.8bn last month, £10.1bn more than in December 2023, the Office for National Statistics (ONS) said.

Spending on public services, benefits and debt interest all up last month.

The increased borrowing comes after interest rates paid on government debt surged earlier this month before falling back.