- The Office for Budget Responsibility
UK public finances improved considerably in November, as the central government borrowed less, while more tax receipts were received. The Office for National Statistics said public sector net borrowing, which strips out state-controlled banks, totalled 14.1 billion pounds in November, down 10% from the previous year. The improvement was driven largely by less central government borrowing as tax receipts in November advanced by 5.5%, compared with the last year's data. Tax receipts in November were boosted mostly by an increase in indirect taxes including VAT, income tax and stamp duty, the ONS said. In addition to that, figures were boosted by payment of a 1.1 billion-pound fine by banks under a settlement with regulators, who investigated a foreign exchange rate market manipulation.
A separate survey showed British retail sales growth rose at the fastest pace in almost 26 years in December, largely driven by Black Friday discounts, according to the Confederation of British Industry. Around 71% of retailers said sales volume soared from the previous year, while 9% experienced a decline in sales, resulting in a balance of 61%, the Distributive Trades Survey showed. This was the highest score since January 1988. A balance of 35% of retailers predict overall sales volumes to increase again next month.
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