UK Retail Sales Dip Slightly in November 2025 While Government Borrowing Hits Four-Year Low for the Month
Retail sales volumes across Great Britain fell by 0.1% in November 2025, with online retailers and supermarkets experiencing declines due to low footfall. The usual boost from Black Friday was weaker than in some previous years. However, clothing and technology stores performed well, and furniture stores saw a rise in sales. Over a three-month period from September to November 2025, retail sales were 0.6% higher than the preceding three months. A separate household survey indicated some planned shopping growth for Black Friday, but nearly twice as many consumers intended to spend less compared to previous periods.
In terms of public finances, UK government borrowing in November 2025 dropped to £11.7 billion, marking a four-year low for the month and falling £1.9 billion below November 2024. Despite this decline, borrowing remained above economists’ forecasts, which had predicted around £10 billion. Tax receipts rose to £63.5 billion in November 2025, an increase of £2.5 billion, supported by higher income tax (+£1.2 billion), VAT (+£400 million), and corporation tax (+£400 million) revenues. For the financial year to date (April to November 2025), government borrowing stands at £132.3 billion, approximately £10.0 billion higher than the same period in 2024.
