Government borrowing in November highest on record
Government borrowing hit its highest November level on record last month, driven by the cost of supporting households with the rising cost of living and energy bills.
"Firstly, of course, as we know the cost of energy support for households and business, that's around £6.5bn extra spending a month," he said. The UK is already thought to be in recession which is when the economy shrinks for two three-month periods in a row. But keep in mind it's a November figure - and is by no means the highest borrowing in a month. It's less than half what Rishi Sunak borrowed in March and April 2020 to support businesses and firms through lockdown in the onset of the pandemic.
Consumer prices have been rising this year as energy, fuel and food costs soar due to the war in Ukraine and Covid. Food prices are up 16.5%.
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