October public borrowing rises to £10.3bn
by Kay Murchie
The Office for National Statistics (ONS) has today revealed public sector net borrowing totalled £10.3 billion in October – a record high for the month.
However, the figure was roughly in line with expectations of a £9.6 billion figure but is up from the £10.1 billion in October last year.
The increase comes despite a rise in Government income through taxes and lower spending on unemployment benefits.
Corporate tax revenues were up 29%, while VAT takings rose as shoppers bought goods ahead of the VAT rise, which takes effect in January 2011.
For the year to date, borrowing stands at £81.617 billion - almost £6 billion lower on levels a year ago.
Today’s figures suggest that the Government is on target for meeting its full-year borrowing forecast of £149 billion.
Discuss this in the Finance Markets forums
Story link: October public borrowing rises to £10.3bn
Related financial stories to: October public borrowing rises to £10.3bn:
- UK’s public sector borrowing reaches £11.4bn in October
- September public borrowing rises to record high
- UK public sector net borrowing falls in December
- UK public sector finances see surplus in January
- Public borrowing soars to £20bn
- UK’s public sector borrowing continues to soar
- US consumer borrowing rises for first time in a year
- November public borrowing hits record high
- Public sector borrowing hits record £16bn
- Public sector borrowing soars by £14.8bn in September
Next: UK car production up in October »
No Comments »
No comments yet.
RSS feed for comments on this post.
Leave a comment
Tags: borrowing, Government, net, October, Office for National Statistics, on target, ONS, public sector, record, VAT rise
Visited 802 times, 2 so far today