By Jonathan Davies

Public sector borrowing fell on two fronts, according to the Office for National Statistics (ONS).

Firstly, borrowing between April and November was £75.8bn, £0.5bn less than in the same period last year. Secondly, public sector borrowing stood at £14.1bn in November, £1.6bn lower than in the same month last year.

But it wasn't higher tax receipts or an improved economy that allowed the government to borrow less. Instead, it was bank fines worth £1.1 billion for manipulating currency markets.

Earlier this month, the Office for Budget Responsibility (OBR) raised its public borrowing forecasts from £86.6bn to £91.3bn, which is still below the £97.5bn borrowed last year.

Join us on
Follow @freshbusiness