Golly gosh government borrowing has fallen but remember it’s mostly irrelevant because the government borrows most of its money from itself.

So – fine, borrowing – the difference between spending and tax take – was £11.2 billion last month, the lowest November figure since 2021, and £1.8 billion below expectations.

And debt interest was down by £4.7 billion to £3 billion due to inflation being lower (it says here). I’m not so sure about that. Didn’t we learn recently that higher interest rates had removed £1.5 trillion from the UK’s debt liability?

So call me a cynic but I’d like to know all the facts. How much of the borrowing figure comes from the Bank of England – which is a part of the government? How much of the debt interest fall is really because of lower inflation, and how much is due to a large amount of the debt having been wiped away altogether?

How much of this mainstream media reporting is nonsense doubletalk?

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