Britain's public finances chalked up the biggest-ever monthly deficit for the month of November, official data showed Thursday. The Office for National Statistics (ONS) said public sector net borrowing-the government's preferred measure of the public finances-stood at 11.2 billion pounds (15.5 billion euros, 22.2 billion dollars) in November.
That was the biggest deficit for the month since records began in 1993 and compared with a deficit of 9.1 billion pounds a year earlier. Market expectations had been for a smaller 9.5-billion-pound deficit. Meanwhile, an alternative but more volatile cash measure of public finances also worsened last month. The ONS said the public sector net cash requirement recorded a deficit of 8.94 billion pounds in November, compared with a shortfall of 7.41 billion pounds in the same month last year.
"The public finance data for November were extremely disappointing, thereby providing little festive cheer to Chancellor Alistair Darling," said Global Insight economist Howard Archer in response. "Slowing growth is clearly hitting tax receipts, while public spending is running above target."