UK borrowing rockets to new record

Government borrowing has hit an all time high. Borrowing surged this November indicating that the Treasury may have to reign in UK finances. Public sector net borrowing hit the highest level since records began totalling a massive £23.3 billion in November. The figures revealed by the Office for National Statistics show that net borrowing was £6 billion higher than the same period last year, contrary to the predictions made by experts that a small improvement would surface. Andrew Goodwin, senior economic advisor to the Ernst & Young ITEM Club said: "These figures really are a bolt from the blue. The November figures pretty much wipe out all of the 2010/11 reduction in borrowing in one fell swoop".