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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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