By Marcus Leach

Figures released today (Wednesday) by the Office for National Statistics (ONS) have shown that the government borrowed less in November 2011 than it did in November 2010.

The official figures show that public sector net borrowing, excluding financial interventions, came in at £18.1 billion, down from £20.4 billion in November 2010.

This is now the third straight month that public sector borrowing had fallen.

The ONS said tax revenues had been 5% higher in the month, due to the effects of higher VAT and inflation.

Highlights:

– a current budget deficit excluding the temporary effects of financial interventions of £15.7 billion in November 2011.

– net borrowing excluding the temporary effects of financial interventions of £18.1 billion in November 2011.

– net debt excluding the temporary effects of financial interventions was £977.1 billion, equivalent to 62.8 per cent of GDP.

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