"Public Sector borrowing was £14.1 billion in November 2014, a decrease of £1.6 billion compared with November last year. Year to date, borrowing was down by £0.5 billion to £75.8 billion.
"Last month the OBR forecast the deficit would fall in the current year to £91.3 billion. There is still much to be done if the revised target is to be met. Much emphasis is placed on January tax receipts but November’s revenues were heading in the right direction.
"November was a good month for the Chancellor, receipts were up by over 5% as expenditure was contained to just 1%. Income tax receipts increased by over 4% and VAT revenues were up by 3%.
"For the year as a whole, revenues still appear weak up by just 2%. However, last year’s figures included some £12 billion of dividends from the APF programme, down to just £8.7 billion this year.
"Public sector net debt was £1,457.2 billion (79.5% of GDP) at the end of November 2014, an increase of £89.7 billion compared with November 2013."