UK government borrowing fell to £11.7bn in November but still came in higher than expected in the same month that chancellor Rachel Reeves delivered the autumn budget.

The figure was £1.9bn less than in the same month a year ago, according to data released by the Office for National Statistics (ONS) on Friday. However, it was higher than expectations of £10bn.

November’s public sector net borrowing figure was significantly lower than the £17.4bn recorded for October and was the lowest for the month since 2021.

Borrowing for the financial year to November totalled £132.3bn, which was £10bn more than the same eight-month period last year. It was also the second-highest amount of April-to-November borrowing on record after 2020.

Tom Davies, senior statistician at the ONS, said: “Despite an increase in spending, this month’s borrowing was the lowest November for four years. The main reason for the drop from last year was increased receipts from taxes and national insurance contributions.”

The current budget deficit – borrowing to fund day-to-day public sector activities – came in at £5.6bn for the month. The total current budget deficit for the financial year to November was £93bn, which was 7bn more than the same period last year.

Public sector net debt excluding banks was provisionally estimated to be 95.6% of the UK’s gross domestic product at the end of November.

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Central government receipts came in at £86.1bn, which was £5.4bn more than the same month last year.

Professor Joe Nellis, economic adviser at accountancy and advisory firm MHA (MHA.L), said: “The continued large borrowing total justifies the chancellor’s decision to create a larger fiscal headroom than planned, although the headroom remains historically small.”

Reeves announced £26bn in tax rises in the autumn budget on 26 November, which the Office for Budget Responsibility would more than double the government’s fiscal headroom to £21.7bn.

“For the government, the figures offer little room for complacency,” said Nellis. “Borrowing at this level constrains future policy choices and leaves limited headroom for discretionary fiscal measures.”

James Murray, chief secretary to the Treasury, said: “£1 in every £10 we spend goes on debt interest – money that could otherwise be invested in public services. That is why last month the chancellor set out a budget that delivers on our pledge to cut debt and borrowing.”

Richard Carter, head of fixed interest research at Quilter Cheviot, said: “Despite yesterday’s rate cut, the good news for the UK economy is in short supply as the latest borrowing figures highlight.”