(Alliance News) - The UK government borrowed less than expected in December, figures from the Office for National Statistics showed on Tuesday, as the Treasury strives to contain the pandemic-fuelled rise in national debt.
UK public sector net borrowing - excluding public sector banks - was estimated to have been GBP16.8 billion in December, higher than GBP14.7 billion in November.
The latest figure was lower than the market forecast of GBP18.5 billion but was the fourth-highest December borrowing since monthly records began in 1993.
"Public sector net borrowing in December was broadly in line with the Office for Budget Responsibility's forecast from last October. But, with inflation set to keep pushing higher until April, borrowing is likely to return to overshooting the OBR's forecast in the coming months," said Capital Economics economist Bethany Beckett.
The figures come as UK Chancellor Rishi Sunak faces pressure to reverse planned increases in National Insurance contributions in April.
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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