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Tuesday 01st of March 2011
November 18, 2010    

October public borrowing rises to £10.3bn

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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.

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