The Treasury’s borrowing is on the rise in a blow to Jeremy Hunt’s ambitions to announce tax cuts next year.

The Government has borrowed £24.4bn more in this financial year than it had done so by the same time last year, delivering the Chancellor less room for future tax cuts a day after falling inflation had boosted the Treasury.

Public sector net borrowing excluding banks stood at £116.4bn in the eight months to November, which was the second highest financial year-to-November borrowing on record, according to the Office for National Statistics.

For the month of November, total public sector net borrowing excluding public sector banks was £14.3bn, ahead of economists expectations of £13bn.

Meanwhile, the public borrowing figure for October was revised up from £14.9bn to £16bn.

Public sector net debt excluding public sector banks stood at £2.67trillion at the end of November, which was around 97.5pc of the UK’s annual gross domestic product (GDP).

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