New estimates put public sector net borrowing at £31.6 billion in November – taking borrowing so far this financial year (April to November) to a staggering £240.9 billion. This is £188.6 billion higher than last year. It’s also the highest public sector borrowing in that period since records began…

On a brighter note, with GDP being revised up, public sector net debt is now considered to be under 100% of GDP – sitting at a less than comfortable 99.5%. Yet the increase in borrowing is set to continue apace, after the Chancellor extended furlough and loan schemes to the end of April 2021. The Government can therefore brace itself for a fresh round of unflattering ‘debt is now larger than the whole economy’ headlines when the 100% point is soon breached again.