The UK government borrowed less than expected in December, official figures show, after record-breaking receipts, giving a boost to the chancellor. Public sector net borrowing – the difference between spending and income – was £11.6bn last month, the Office for National Statistics (ONS) said, compared with £18.7bn in the same month a year earlier. Economists polled by Reuters had expected borrowing to be £13bn in December. The figure is closely watched by the City as it shows how much the government is borrowing to finance its spending plans and whether it is exceeding its target for the year. Ruth Gregory
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