The UK government borrowed less than expected in December, in a boost to chancellor Jeremy Hunt’s efforts to cut taxes ahead of this year’s expected general election.
According to data published by the Office for National Statistics, public sector borrowing fell to £7.8bn last month, around half the sum borrowed a year earlier and the lowest figure for a December since 2019.
The figure, which was driven down by inflation-related debt interest costs, is substantially lower than the £14bn prediction for the month from the Office for Budget Responsibility, the UK’s fiscal watchdog.
Hunt is seeking more room for giveaways ahead of the election. In November’s Autumn Statement, Hunt cut business and personal taxes by £20bn, but this did not stop the projected tax burden from continuing to rise.
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