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21/11/2012
Public Sector Borrowing 'Worse Than Expected'
The UK is unlikely to hit its deficit reduction target in 2012-12 after the government borrowed much more than expected in October.
The Office for National Statistics (ONS) has reported that UK public sector net borrowing, excluding financial interventions, hit £8.6bn in October, marking a sharp rise from the £5.9bn borrowed in October 2011.
This is the last set of borrowing figures before the chancellor's Autumn Statement on 5 December.
Analysts had forecast borrowing of £6bn, making the headline figure was worse than expected.
Corporation tax receipts fell nearly 10% in October, a month when there is usually a heavy inflow to boost the public coffers.
A rise in day-to-day departmental spending also contributed to the higher borrowing.
A spokesperson for the Treasury said: "The economy is healing, but it still faces many challenges.
"These numbers illustrate that, but also show the government's plans to bring spending under control are on track for the year."
But Labour's shadow chief secretary to the Treasury, Rachel Reeves, said the chancellor was borrowing billions more to pay for the cost of his economic failure.
"Having failed on jobs and growth, the government is now failing on the deficit too," she said.
(H)
The Office for National Statistics (ONS) has reported that UK public sector net borrowing, excluding financial interventions, hit £8.6bn in October, marking a sharp rise from the £5.9bn borrowed in October 2011.
This is the last set of borrowing figures before the chancellor's Autumn Statement on 5 December.
Analysts had forecast borrowing of £6bn, making the headline figure was worse than expected.
Corporation tax receipts fell nearly 10% in October, a month when there is usually a heavy inflow to boost the public coffers.
A rise in day-to-day departmental spending also contributed to the higher borrowing.
A spokesperson for the Treasury said: "The economy is healing, but it still faces many challenges.
"These numbers illustrate that, but also show the government's plans to bring spending under control are on track for the year."
But Labour's shadow chief secretary to the Treasury, Rachel Reeves, said the chancellor was borrowing billions more to pay for the cost of his economic failure.
"Having failed on jobs and growth, the government is now failing on the deficit too," she said.
(H)
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The UK's is living 'far beyond its means' with net borrowing which last month reached £14.8bn. Overall, the Government's net borrowing for the last six months stands at £77.3bn - the highest half-yearly figure since the Office for National Statistics (ONS) records began in 1946.
Public Sector Borrowing Breaks Records
The UK's is living 'far beyond its means' with net borrowing which last month reached £14.8bn. Overall, the Government's net borrowing for the last six months stands at £77.3bn - the highest half-yearly figure since the Office for National Statistics (ONS) records began in 1946.
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UK's Unsecured Debt Being Repaid
The Bank of England has said UK consumers repaid more unsecured debt than they took out in new loans during the month of August. Since November 2009, net consumer credit, including overdrafts, personal loans and credit card borrowing, fell substantially by £120m.
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'House Of Evil' To Be Demolished
A cottage in mid-Wales believed to be the site where five-year-old April Jones was murdered is to be demolished. Dubbed the "house of evil" the cottage in Ceinws, Powys is believed to have been where Mark Bridger killed and dismembered the child on 1st October 2012. Bridger was jailed for life in May 2013. The child's body has never been recovered.
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The amount of borrowing by the UK Government has fallen to £120.6bn over the last financial year, the Office for National Statistics has said. Borrowing also fell in the month of March, from £16.7bn in 2012 to £15.1bn in 2013, as spending cuts across various Government departments began.
Slight Fall In Government Borrowing
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Spending Cuts 'Hard To Deliver'
The Institute for Fiscal Studies (IFS) have warned that new Government that spending cuts would be "formidably hard to deliver". The institute's comments, made in its Green Budget, aims to assess the UK Government's position before the Budget.
Spending Cuts 'Hard To Deliver'
The Institute for Fiscal Studies (IFS) have warned that new Government that spending cuts would be "formidably hard to deliver". The institute's comments, made in its Green Budget, aims to assess the UK Government's position before the Budget.
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