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Government borrowing fell in November

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UK government borrowing dropped to £8.7 billion last month, down £0.2 billion, predominantly due to higher income tax receipts.

To date, the total borrowing figure for 2017 is £48.1 billion, which is the lowest recorded at this time of year for a decade.

The Office for National Statistics (ONS) figures showed that revenues from income and capital gains tax were up 6.2% in November from a year ago and 3.4% higher for the year to date.

In its latest review of the UK economy, the International Monetary Fund (IMF) downgraded its British growth forecast from 1.7% to 1.6% and told the Chancellor of the Exchequer, Philip Hammond, to control public borrowing more in case of a slow-down in the economy going forward.

Total public sector net debt, not including public sector banks, was at £1.73 trillion at the end of November, according to the ONS. This figure is down by £65.5 billion from the previous month due to a change in housing associations being recategorised from public to private sector.

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