21/03/2013

4G Auction Boosts UK Public Finances

The 4G mobile licenses auction, alongside another payment from the central bank, have resulted in a boost the UK’s public finances, figures have shown.

The Office for National Statistics (ONS) figures show the country's budget deficit is now at its lowest in five years.

The ONS said public sector net borrowing, excluding interventions such as bank bailouts, fell to £2.8bn last month from £11.8bn a year earlier.

Te news comes just one day after the announcement of the new Budget, in which Chancellor George Osborne revealed he will to borrow £60bn more than planned over the next five years, as he was forced to slash growth forecasts.

(H)




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