Britain’s borrowing reached its highest level in four years in December

Government borrowing rose more than expected in December, reaching the highest level for the month in four years, official data showed.

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

The ONS said spending on public services, benefits and debt interest increased this year, while tax increases were offset by cuts to national insurance by the previous government.

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

Following the release of the figures, Chief Treasury Secretary Darren Jones said the government would “root out waste to ensure every penny of taxpayers’ money is spent productively”.

“Economic stability is critical to our number one mission of delivering growth,” he said.