{"id":221137,"date":"2025-01-22T07:30:12","date_gmt":"2025-01-22T07:30:12","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2025\/01\/22\/government-borrowing-hits-highest-december-level-for-four-years\/"},"modified":"2025-01-22T07:30:12","modified_gmt":"2025-01-22T07:30:12","slug":"government-borrowing-hits-highest-december-level-for-four-years","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2025\/01\/22\/government-borrowing-hits-highest-december-level-for-four-years\/","title":{"rendered":"Government borrowing hits highest December level for four years"},"content":{"rendered":"<div style=\"text-align:center\"><img decoding=\"async\" src=\"https:\/\/i1.wp.com\/ichef.bbci.co.uk\/news\/1024\/branded_news\/cffc\/live\/249ec9c0-d889-11ef-93f3-dd5cf7467f85.jpg?ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Government borrowing hits highest December level for four years\" title=\"Government borrowing hits highest December level for four years\" \/><\/div><p> <br \/>\n<\/p>\n<div data-component=\"text-block\">\n<p class=\"sc-eb7bd5f6-0 fYAfXe\">Government borrowing rose more than expected in December, hitting the highest level for the month for four years, official figures show.<!-- --><\/p>\n<p class=\"sc-eb7bd5f6-0 fYAfXe\">Borrowing &#8211; the difference between spending and tax revenue &#8211; was \u00a317.8bn last month, \u00a310.1bn more than in December 2023, the Office for National Statistics (ONS) said.<!-- --><\/p>\n<p class=\"sc-eb7bd5f6-0 fYAfXe\">Spending on public services, benefits, and debt interest were all up on the year, the ONS said, while an increase tax take was offset by a cut to National Insurance by the previous government.<!-- --><\/p>\n<p class=\"sc-eb7bd5f6-0 fYAfXe\">The increased borrowing comes after interest rates paid on government debt surged earlier this month before falling back.<!-- --><\/p>\n<\/div>\n<div data-component=\"text-block\">\n<p class=\"sc-eb7bd5f6-0 fYAfXe\">The spike in borrowing costs has threatened the government&#8217;s economic plans, with Chancellor Rachel Reeves facing pressure after <!-- --><a target=\"_self\" href=\"https:\/\/www.bbc.co.uk\/news\/articles\/c8r5jkv5g5po\" class=\"sc-c9299ecf-0 bZUiKB\" rel=\"noopener\">figures last week showed the UK economy had flatlined<!-- --><\/a>.<!-- --><\/p>\n<p class=\"sc-eb7bd5f6-0 fYAfXe\">The government has said growing the economy is its main priority to boost living standards. <!-- --><\/p>\n<p class=\"sc-eb7bd5f6-0 fYAfXe\">Last month, the interest charged on government debt was \u00a38.3bn, which was \u00a33.8bn more than it was the year before. The amount marked the third-highest December debt interest repayments since monthly records began in January 1997.<!-- --><\/p>\n<p class=\"sc-eb7bd5f6-0 fYAfXe\">Following the release of the figures, Chief Secretary to the Treasury Darren Jones said the government would &#8220;root out waste to ensure every penny of taxpayer&#8217;s money is spent productively&#8221;.<!-- --><\/p>\n<p class=\"sc-eb7bd5f6-0 fYAfXe\">&#8220;Economic stability is vital for our number one mission of delivering growth,&#8221; he added.<!-- --><\/p>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.bbc.com\/news\/articles\/cpwxzpqrnjko\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Government borrowing rose more than expected in December, hitting the highest level for the month for four years, official figures show. Borrowing &#8211; the difference between spending and tax revenue &#8211; was \u00a317.8bn last month, \u00a310.1bn more than in December 2023, the Office for National Statistics (ONS) said. Spending on public services, benefits, and debt [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":221138,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","fifu_image_url":"https:\/\/ichef.bbci.co.uk\/news\/1024\/branded_news\/cffc\/live\/249ec9c0-d889-11ef-93f3-dd5cf7467f85.jpg","fifu_image_alt":"","footnotes":""},"categories":[604],"tags":[9274,2703,3954,3083,367,2941,111],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/221137"}],"collection":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/comments?post=221137"}],"version-history":[{"count":1,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/221137\/revisions"}],"predecessor-version":[{"id":221139,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/221137\/revisions\/221139"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media\/221138"}],"wp:attachment":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media?parent=221137"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/categories?post=221137"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/tags?post=221137"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}