September public borrowing rises to record high

| October 20, 2010 | 0 Comments
”September

The Office for National Statistics (ONS) has today revealed public sector net borrowing totalled £15.607 billion in September – its highest for the month of September since records began more than 17 years ago.

The figure was also higher than the £14.2 billion economists had expected and compares with £14.806 billion a year earlier.

Overall, public sector net debt stands at £952 billion - the equivalent to 64.6% of GDP. This compares with £821.5 billion in September last year.

The figures come shortly before Chancellor George Osborne reveals his Comprehensive Spending Review.

Mr Osborne will provide details of how he intends to slash spending by £83 billion by 2014 as he endeavours to bring down the spiralling budget deficit.

Therefore, the Government is likely to use today’s figures as evidence of the impending requirement for fiscal tightening, despite criticism from many economists who say they could push the UK back into recession.

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