The Office for National Statistics said said today the the UK’s public sector debt reached £20.3 billion (US$32.9 billion) in November. This is the highest the public debt has been since records were kept beginning in 1993.
Despite the record high figure, many economists actually expected the number to be worse.
“The UK’s public finances have deteriorated further in November, but not as badly as the market had feared,” said James Knightley at ING.
“Certainly the better labour market data is helping government finances and a return to growth will further help moderate the rate of deterioration.”
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