UK public sector borrowing came in slightly higher than expected in December, and was also up on the year before.

Public sector net borrowing was £15.4bn in December, compared with forecasts of £15.2bn made by economists.

The figure was £0.6bn higher net borrowing than in December 2011, when net borrowing was £14.8bn, according to the Office for National Statistics.

In the financial year to date, public sector net borrowing, excluding the transfer of the Royal Mail Pension Plan in April 2012, was £106.5bn.

This was £7.2bn higher net borrowing than in the same period the previous year, when net borrowing was £99.3bn.

Public sector net debt was £1.11tr at the end of December 2012, equivalent to 70.7% of gross domestic product.

Including the cost of support given to banks during the financial crisis, the figure rises to 140.3% of GDP

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