The public sector finances showed a current budget deficit of £16.2bn in November 2009 compared to a deficit of £13.2bn for November last year, an increase of £3bn. Net borrowing reached £20.3bn in November this year, £4.9bn higher than the £15.5bn in 2008. Net debt was £844.5bn which equals 60.2% of GDP compared to £706.2bn which was 49.6% of GDP last year. Public sector net cash requirement was £14.7bn, £4bn more than the £10.6bn net cash requirement of last year.
Public sector net investment totalled £4.1bn which when added to the current budget deficit of £16.2bn gives the total public sector net borrowing figure of £20.3bn. The sectoral breakdown of borrowing shows that central government accounted for £20.6bn, local government £0.8bn and the total was offset by £1.1bn from revisions for public corporations.
Current receipts in Novemeber amounted to £33.8bn, 3% lower than the same month last year, and current expenditure to £50.3bn, 6.4% higher than last year, of which £16.2bn was social benefits and £3.5bn interest. Income and wealth taxes accounted for £10.3bn of the current receipts but the biggest contributor was taxes on production of £13.7bn.
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