Year-to-date borrowing remains below previous year

This morning’s ONS release estimates that borrowing in the first 11 months of 2025-26 totalled £125.9 billion. This is £11.9 billion below the same period last year due to higher central government receipts which are only partly offset by higher central government spending. Borrowing so far this year remains broadly in line with our March 2026 full-year forecast for 2025-26.