Britain's borrowing at record high

Britain slumped into the red by a higher-than-expected £23.3bn (€27.45bn) in November – the highest monthly borrowing figure since records began, official figures revealed today.

The figure, which excludes financial interventions by the British government, was a marked increase on the £17.4bn (€20.5bn) a year earlier and beat the previous highest monthly borrowing record of £21.1bn (€24.9bn) in December 2009, according to the Office for National Statistics (ONS).

Total public borrowing for the year to date now stands at £104.4bn (€123bn), the ONS said, creeping closer to the British government’s target of £149bn (€175.6bn) for the financial year.

Economists have warned the coalition is in danger of exceeding the target – and overshooting the Office for Budget Responsibility’s recently downgraded forecast of £148.5bn (€175bn) for the year.