Throughout November, public sector borrowing totalled £14.3bn, £900m less than the month before but higher than the expected £12.9bn forecast from economists, according to data from the Office for National Statistics.

This was the fourth highest November results since records began in 1993.

The fall in borrowing came largely from the end of energy price schemes by the government, the ONS said, but noted that these reductions “were offset by other inflation-related costs, such as increased benefit payments”.

UK inflation falls further than expected in November to 3.9%

Interest payable on debt ticked up to £7.7bn, £200m more than October and the highest November total since monthly records began in April 1997.

Since the start of the financial year in April, the government has borrowed £116.4bn, £24.4bn higher than the same eight-month period last year and the second highest number on record.

Public sector net debt, excluding public sector banks, now totals £2.7trn, about 97.5% of GDP, 1.8 percentage points higher than last year and the highest level since the early 1960s.

Chief secretary to the Treasury, Laura Trott, said: “We are taking difficult decisions in the national interest to control our borrowing needs and improve productivity, so that we deliver the public services people need while keeping inflation down.”