This morning’s UK public finance data show public sector borrowing was an enormous £27.4bn in December, well above expectations and equivalent to 1% of GDP in just one month. The deficit was driven by a surge in interest payments on index linked gilts and the £9bn cost of the energy guarantee. The worsening trend could mean borrowing eventually exceeds the official forecast for £177bn (7% of GDP) this Budget year, potentially requiring further action in the March 15th Budget.
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