Borrowing soars to record £22bn – Express

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The Office for National Statistics said it was the highest November figure since records began in 1993.
Borrowing last month was £13.9billion more than at the same time last year.
The ONS said inflation was to blame.
There was a £3.3billion increase in social assistance costs to £13.2billion, driven by the second set of cost-of-living payments to working-age benefit claimants.
The Energy Bills Support Scheme – £400 to households over six months – cost the Government £1.9billion in November.
The Energy Price Guarantee, which has capped energy costs to £2,500 for a typical household, was the main driver of a £4.7billion year-on-year increase in subsidies. The borrowing hike came despite the Government taking £2.2billion more in tax this November than the year before.

Jeremy Hunt
Inflation eased to 10.7 percent in the year to November but the cost of living is still rising at its fastest in 40 years. It means the biggest fall in living standards on record as price rises eat into wages.
The economy is already thought to be in recession.
Chancellor Jeremy Hunt said: “We have a clear plan to help halve inflation next year but that requires some tough decisions to put our public finances back on a sustainable footing.”
Total public sector spending struck £98.9billion for the month, the ONS said.
This included a 50 percent hike in interest payments to £7.3billion, driven by payments linked to Retail Prices Index inflation.

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